(1) Income tax adjustments include amounts calculated by applying federal, state, and local income tax rates applicable to ordinary income to the amounts of the pre-tax reconciling items, and for the nine months ended June 30, 2022, include a Spire Missouri regulatory adjustment.

(2) Net economic earnings per share is calculated by replacing consolidated net income with consolidated net economic earnings in the GAAP diluted EPS calculation, which includes reductions for cumulative preferred dividends and participating shares.

Contribution Margin and Reconciliation to GAAP

(In Millions)

Gas Utility

Gas Marketing

Midstream

Other

Eliminations

Consolidated

Three Months Ended June 30, 2023

Operating Income (Loss) [GAAP]

$

13.9

$

(7.1)

$

6.5

$

(1.3)

$

—

$

12.0

Operation and maintenance expenses

111.7

4.2

8.1

5.5

(4.0)

125.5

Depreciation and amortization

61.7

0.3

2.1

0.2

—

64.3

Taxes, other than income taxes

45.9

0.4

0.7

(0.1)

—

46.9

Less: Gross receipts tax expense

(26.0)

—

—

—

—

(26.0)

Contribution Margin [Non-GAAP]

207.2

(2.2)

17.4

4.3

(4.0)

222.7

Natural gas costs

154.6

25.3

—

—

(10.1)

169.8

Gross receipts tax expense

26.0

—

—

—

—

26.0

Operating Revenues

$

387.8

$

23.1

$

17.4

$

4.3

$

(14.1)

$

418.5

Three Months Ended June 30, 2022

Operating Income (Loss) [GAAP]

$

36.8

$

(6.9)

$

7.4

$

0.6

$

—

$

37.9

Operation and maintenance expenses

95.0

3.2

4.8

3.2

(3.9)

102.3

Depreciation and amortization

58.1

0.3

1.8

0.2

—

60.4

Taxes, other than income taxes

43.0

0.4

0.6

0.1

—

44.1

Less: Gross receipts tax expense

(23.2)

(0.1)

—

—

—

(23.3)

Contribution Margin [Non-GAAP]

209.7

(3.1)

14.6

4.1

(3.9)

221.4

Natural gas costs

144.5

67.1

—

—

(8.3)

203.3

Gross receipts tax expense

23.2

0.1

—

—

—

23.3

Operating Revenues

$

377.4

$

64.1

$

14.6

$

4.1

$

(12.2)

$

448.0

Nine Months Ended June 30, 2023

Operating Income (Loss) [GAAP]

$

367.1

$

36.7

$

21.1

$

(2.4)

$

—

$

422.5

Operation and maintenance expenses

350.9

16.2

20.1

14.4

(11.9)

389.7

Depreciation and amortization

181.6

1.0

6.0

0.4

—

189.0

Taxes, other than income taxes

176.2

1.1

1.9

—

—

179.2

Less: Gross receipts tax expense

(116.4)

(0.2)

—

—

—

(116.6)

Contribution Margin [Non-GAAP]

959.4

54.8

49.1

12.4

(11.9)

1,063.8

Natural gas costs

1,099.5

102.8

—

—

(26.8)

1,175.5

Gross receipts tax expense

116.4

0.2

—

—

—

116.6

Operating Revenues

$

2,175.3

$

157.8

$

49.1

$

12.4

$

(38.7)

$

2,355.9

Nine Months Ended June 30, 2022

Operating Income (Loss) [GAAP]

$

361.6

$

(0.4)

$

17.2

$

—

$

—

$

378.4

Operation and maintenance expenses

306.5

9.1

16.4

11.6

(11.7)

331.9

Depreciation and amortization

169.2

1.0

5.6

0.4

—

176.2

Taxes, other than income taxes

150.3

0.8

2.1

0.1

—

153.3

Less: Gross receipts tax expense

(96.8)

(0.3)

—

—

—

(97.1)

Contribution Margin [Non-GAAP]

890.8

10.2

41.3

12.1

(11.7)

942.7

Natural gas costs

710.7

160.9

—

—

(27.1)

844.5

Gross receipts tax expense

96.8

0.3

—

—

—

97.1

Operating Revenues

$

1,698.3

$

171.4

$

41.3

$

12.1

$

(38.8)

$

1,884.3