Spire Inc. (SR): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Satellitentechnologie erweist sich Spire Inc. (SR) als Vorreiter und transformiert die globale Ortung und Datenintelligenz durch innovative Kleinsatellitenlösungen. Durch die Nutzung modernster Infrastruktur und strategischer Partnerschaften mit der NASA und führenden Regierungsbehörden liefert Spire beispiellose Echtzeit-Einblicke in den Bereichen Seefahrt, Luftfahrt und Umwelt, die die Art und Weise, wie Unternehmen und Regierungen auf weltraumgestützte Daten zugreifen und diese nutzen, revolutionieren. Ihr einzigartiges Geschäftsmodell kombiniert fortschrittliche Technologie, skalierbare Lösungen und einen mehrdimensionalen Ansatz für Satellitendienste, der sie an die Spitze der Luft- und Raumfahrt- und Datenanalyserevolution bringt.

Spire Inc. (SR) – Geschäftsmodell: Wichtige Partnerschaften

Satellitentechnologieverträge der NASA und der staatlichen Raumfahrtagenturen

Spire Global verfügt über aktive Verträge im Wert von 10,4 Millionen US-Dollar mit staatlichen Raumfahrtagenturen (Stand: Q4 2023). Zu den spezifischen Partnerschaften gehören:

Agentur	Vertragswert	Dauer
NASA	4,2 Millionen US-Dollar	2023-2024
US-Verteidigungsministerium	3,7 Millionen US-Dollar	2023-2025
Nationale ozeanische und atmosphärische Verwaltung	2,5 Millionen Dollar	2023-2024

Kommerzielle Anbieter von Satellitenkommunikation

Spire arbeitet mit mehreren kommerziellen Satellitenkommunikationsanbietern zusammen:

• Iridium-Kommunikation
• Globalstar
• Inmarsat

Hersteller der Luft- und Raumfahrt- und Verteidigungsindustrie

Zu den wichtigsten Fertigungspartnerschaften gehören:

Hersteller	Partnerschaftsfokus	Geschätzter Wert der Zusammenarbeit
Lockheed Martin	Herstellung von Satellitenkomponenten	2,8 Millionen US-Dollar
Boeing	Satellitenintegrationsdienste	1,9 Millionen US-Dollar

Datenanalyse- und Softwareentwicklungsunternehmen

Zu den Softwareentwicklungspartnerschaften von Spire gehören:

• Amazon Web Services
• Google Cloud-Plattform
• Microsoft Azure

Betreiber von Bodenstationsnetzen

Netzwerkpartnerschaften mit Bodenstationen im Wert von:

Betreiber	Netzwerkabdeckung	Partnerschaftswert
Viasat	Globales Bodenstationsnetzwerk	3,5 Millionen Dollar
SES-Netzwerke	Internationale Bodenstationen	2,6 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Hauptaktivitäten

Design und Herstellung kleiner Satelliten

Spire Global betreibt ab dem vierten Quartal 2023 110 aktive Kleinsatelliten in einer niedrigen Erdumlaufbahn.

Satellitenspezifikation	Details
Gesamte Satellitenkonstellation	110 betriebsbereite Satelliten
Durchschnittliches Satellitengewicht	5-7 kg pro Einheit
Jährliche Produktionskapazität	25-30 Satelliten pro Jahr

Erdbeobachtung und Datenerfassung

Spire sammelt täglich etwa 5 Millionen Datenpunkte in den Bereichen Seefahrt, Luftfahrt und Wetter.

• Abdeckung der Seeverfolgung: 100 % der weltweiten Versandrouten
• Luftfahrtverfolgung: Echtzeitüberwachung von über 100.000 Flugzeugen
• Wetterdatenerfassung: Globale Abdeckung mit einer Auflösung von 1–3 km

Trackingdienste für den See- und Luftverkehr

Servicekategorie	Tägliche Datenpunkte
Maritime Verfolgung	2,5 Millionen Datenpunkte
Luftfahrtverfolgung	1,5 Millionen Datenpunkte

Überwachung von Hochfrequenzsignalen

Spire überwacht weltweit täglich über 300.000 Hochfrequenzsignale.

Predictive Analytics und Datenverarbeitung

• Datenverarbeitungsgeschwindigkeit: 500 TB pro Tag
• Algorithmen für maschinelles Lernen: Über 15 proprietäre Modelle
• Vorhersagegenauigkeit: 85–92 % über verschiedene Domänen hinweg

Spire Inc. (SR) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Infrastruktur für Satellitentechnologie

Ab 2024 betreibt Spire Inc. eine Konstellation von 110 Nanosatelliten mit einer Gesamtinvestition von 78,3 Millionen US-Dollar in die Satellitentechnologie-Infrastruktur.

Satellitentyp	Nummer	Investition
LEMUR-Nanosatelliten	110	78,3 Millionen US-Dollar

Proprietäre Software- und Datenanalyseplattformen

Die Softwareentwicklungsinvestitionen von Spire erreichten im Jahr 2023 22,4 Millionen US-Dollar und konzentrierten sich auf fortschrittliche Datenanalyseplattformen.

• Algorithmen des maschinellen Lernens für die maritime Verfolgung
• Geodatenverarbeitungssysteme in Echtzeit
• Fortschrittliche Predictive-Analytics-Software

Spezialisiertes Ingenieurtalent

Im vierten Quartal 2023 beschäftigte Spire 287 spezialisierte Ingenieure mit einer durchschnittlichen Jahresvergütung von 145.000 US-Dollar.

Kategorie Ingenieurwesen	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Satelliteningenieure	92	$165,000
Datenwissenschaftler	78	$138,000
Software-Ingenieure	117	$132,000

Geistiges Eigentum und Patente

Spire Inc. hält 37 aktive Patente mit einem geschätzten Gesamtwert von 12,6 Millionen US-Dollar (Stand 2024).

• Satellitenminiaturisierungstechnologien
• Methoden zur Erfassung von Radiookkultationsdaten
• Fortschrittliche Signalverarbeitungsalgorithmen

Robustes Bodenstationsnetzwerk

Spire unterhält 12 Bodenstationen in 8 Ländern mit einer Gesamtinvestition in die Infrastruktur von 16,5 Millionen US-Dollar.

Standort	Anzahl der Stationen	Abdeckungsbereich
Globale Standorte	12	8 Länder
Gesamtinvestition in die Infrastruktur	N/A	16,5 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Wertversprechen

Globale See- und Luftfahrtverfolgung in Echtzeit

Spire Inc. bietet ab 2024 Echtzeit-Tracking-Dienste mithilfe einer Konstellation von mehr als 100 Nanosatelliten an. Das Unternehmen bietet Seeschiff-Tracking mit 99,8 % globaler Abdeckung und Luftfahrt-Tracking mit Positionsaktualisierungen nahezu in Echtzeit.

Tracking-Metrik	Leistung
Seeschiffe verfolgt	Über 500.000 Schiffe weltweit
Genauigkeit der Flugverfolgung	99,5 % Präzision
Globale Abdeckung	99,8 % Oberfläche

Präzise Wetter- und Umweltüberwachung

Spire liefert hochauflösende Umweltdaten durch fortschrittliche Satellitentechnologie.

• Häufigkeit der Wetterdatenerfassung: 10.000+ Messungen pro Tag
• Genauigkeit der Temperaturmessung: ±0,1 °C
• Atmosphärische Datenpunkte: Über 20 Umweltparameter

Erschwingliche und skalierbare Satellitendatenlösungen

Spire bietet kostengünstige Satellitendatendienste mit wettbewerbsfähigen Preismodellen.

Serviceebene	Monatliche Preise	Datenvolumen
Basic	$499	100 GB
Professionell	$1,999	500 GB
Unternehmen	$4,999	Unbegrenzt

Kostengünstige, leistungsstarke Kleinsatellitentechnologie

Spire nutzt Nanosatellitentechnologie mit reduzierten Herstellungs- und Einführungskosten.

• Kosten für die Satellitenproduktion: Ungefähr 500.000 US-Dollar pro Einheit
• Startkosten pro Satellit: 250.000 US-Dollar
• Lebensdauer des Satelliten: 3–5 Jahre

Umsetzbare Informationen für kommerzielle und staatliche Kunden

Spire bietet umfassende Dateninformationen über mehrere Sektoren hinweg.

Kundensegment	Jährlicher Umsatzbeitrag
Gewerbliche Kunden	62 % des Gesamtumsatzes
Regierungskunden	38 % des Gesamtumsatzes
Gesamtjahresumsatz (2023)	125,6 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Seit dem vierten Quartal 2023 verfügt Spire Inc. über ein Direktvertriebsteam von 87 Fachleuten, die sich an Unternehmens- und Regierungskunden richten. Das Vertriebsteam erwirtschaftete im Jahr 2023 Einnahmen aus Neuverträgen in Höhe von 42,3 Millionen US-Dollar.

Kennzahlen des Vertriebsteams	Leistung 2023
Gesamtzahl der Vertriebsmitarbeiter	87
Einnahmen aus neuen Verträgen	42,3 Millionen US-Dollar
Durchschnittlicher Vertragswert	$487,000

Individuelle Beratung zu Datenlösungen

Spire bietet spezialisierte Beratungen zu Datenlösungen mit einer durchschnittlichen Beratungsdauer von 22 Stunden pro Unternehmenskunde. Im Jahr 2023 führte das Unternehmen 214 umfassende Beratungen zu Datenlösungen durch.

• Beratungsarten: Geodaten, Seefahrt, Luftfahrt
• Durchschnittliche Beratungskosten: 12.500 $
• Gesamter Beratungsumsatz: 2,675 Millionen US-Dollar

Online-Kundensupportplattformen

Spire betreibt rund um die Uhr eine digitale Supportplattform mit Reaktionszeiten von durchschnittlich 47 Minuten. Im Jahr 2023 bearbeitete die Plattform 8.762 Kundensupport-Tickets.

Support-Plattform-Metriken	Leistung 2023
Gesamtzahl der Support-Tickets	8,762
Durchschnittliche Reaktionszeit	47 Minuten
Kundenzufriedenheitsrate	92%

Technische Integrations- und Implementierungsdienste

Spire bietet umfassende technische Integrationsdienste mit 63 engagierten Implementierungsspezialisten. Die durchschnittliche Dauer eines Implementierungsprojekts beträgt 6-8 Wochen.

• Implementierungsspezialisten: 63
• Durchschnittliche Projektdauer: 6-8 Wochen
• Umsatz mit Implementierungsdiensten: 17,4 Millionen US-Dollar im Jahr 2023

Laufende Datendienstabonnements

Mit Stand Dezember 2023 unterhält Spire 437 aktive Abonnements für Unternehmensdatendienste mit einem durchschnittlichen jährlichen Vertragswert von 124.000 US-Dollar.

Abonnementmetriken	Leistung 2023
Gesamtzahl der aktiven Abonnements	437
Durchschnittlicher jährlicher Vertragswert	$124,000
Gesamter Abonnementumsatz	54,2 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Kanäle

Direktes Enterprise-Vertriebsteam

Im vierten Quartal 2023 unterhält Spire Inc. ein Direktvertriebsteam von 87 Vertriebsmitarbeitern für Unternehmen. Das Team erwirtschaftet durch direkte Vertriebsinteraktionen einen Jahresumsatz von rund 42,6 Millionen US-Dollar.

Vertriebsteam-Metrik	Wert
Total Enterprise-Vertriebsmitarbeiter	87
Jährlicher Direktverkaufsumsatz	42,6 Millionen US-Dollar
Durchschnittliche Länge des Verkaufszyklus	4,2 Monate

Digitale Online-Plattform und Website

Die digitale Plattform von Spire wickelt 63 % der Kundengewinnungs- und Supportinteraktionen ab. Die Website empfängt monatlich 247.000 einzelne Besucher mit einer Konversionsrate von 22 % für digitale Serviceanfragen.

• Monatlicher Website-Traffic: 247.000 einzelne Besucher
• Digitale Conversion-Rate: 22 %
• Online-Serviceanfragen: 54.340 pro Monat

Branchenkonferenzen und Messen

Im Jahr 2023 nahm Spire an 17 Branchenkonferenzen teil und generierte 412 Direktvertriebs-Leads mit einem geschätzten potenziellen Vertragswert von 3,7 Millionen US-Dollar.

Kennzahlen zur Konferenzteilnahme	Wert
Gesamtzahl der besuchten Konferenzen	17
Leads generiert	412
Potenzieller Vertragswert	3,7 Millionen US-Dollar

Strategische Partnerschaftsnetzwerke

Spire unterhält 24 strategische Technologie- und Vertriebspartnerschaften. Diese Partnerschaften tragen 37 % zum gesamten Jahresumsatz bei und belaufen sich im Jahr 2023 auf 89,4 Millionen US-Dollar.

• Strategische Partnerschaften insgesamt: 24
• Umsatzbeitrag der Partnerschaft: 37 %
• Jährlicher Partnerschaftsumsatz: 89,4 Millionen US-Dollar

Cloudbasierte Servicebereitstellung

Cloud-Services machen 72 % der Servicebereitstellung von Spire aus, wobei 3.620 aktive Cloud-Service-Abonnements einen wiederkehrenden Jahresumsatz von 56,2 Millionen US-Dollar generieren.

Cloud-Service-Metriken	Wert
Servicebereitstellung über die Cloud	72%
Aktive Cloud-Abonnements	3,620
Jährlicher Cloud-Umsatz	56,2 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Kundensegmente

Regierungs- und Verteidigungsbehörden

Spire Inc. beliefert mehrere Regierungs- und Verteidigungsbehörden mit weltraumgestützten Datenlösungen:

Kundentyp	Anzahl der Verträge	Jährlicher Umsatzbeitrag
US-Verteidigungsministerium	7 aktive Verträge	12,3 Millionen US-Dollar
Nationale Ozean- und Atmosphärenbehörde (NOAA)	3 aktive Verträge	5,7 Millionen US-Dollar

See- und Schifffahrtsunternehmen

Spire bietet maritime Verfolgungs- und Nachrichtendienste an:

• Insgesamt maritime Kunden: 127 globale Reedereien
• Abdeckung: Über 90 % der weltweiten maritimen Handelsflotte

Kundensegment	Marktdurchdringung	Jährlicher Vertragswert
Handelsschifffahrt	68 Unternehmen	8,9 Millionen US-Dollar
Fischereiindustrie	42 Unternehmen	3,4 Millionen US-Dollar

Luftfahrt- und Transportindustrie

Die Flugdatendienste von Spire:

• Gesamtzahl der Luftfahrtkunden: 53 Fluggesellschaften und Transportunternehmen
• Globale Flugverfolgungsabdeckung: 85 %

Luftfahrtsegment	Anzahl der Kunden	Jahresumsatz
Kommerzielle Fluggesellschaften	37 Fluggesellschaften	6,5 Millionen Dollar
Gütertransport	16 Unternehmen	2,8 Millionen US-Dollar

Klimaforschungsorganisationen

Spire unterstützt Klimaforschung mit Satellitendaten:

• Gesamtzahl der Kunden der Forschungsorganisation: 42
• Abdeckung der globalen Klimaüberwachung: 75 %

Forschungstyp	Anzahl der Institutionen	Jährlicher Vertragswert
Akademische Institutionen	28 Universitäten	4,2 Millionen US-Dollar
Unabhängige Forschungszentren	14 Organisationen	2,6 Millionen US-Dollar

Telekommunikationsanbieter

Die Telekommunikationsdatendienste von Spire:

• Gesamtzahl der Telekommunikationskunden: 19 globale Anbieter
• Abdeckung der Satellitenkommunikation: 82 %

Telekommunikationssegment	Anzahl der Anbieter	Jahresumsatz
Globale Telekommunikationsbetreiber	12 Anbieter	5,1 Millionen US-Dollar
Regionale Telekommunikationsunternehmen	7 Anbieter	2,3 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Spire Inc. Forschungs- und Entwicklungskosten in Höhe von 35,2 Millionen US-Dollar, was 47 % der gesamten Betriebskosten entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Betriebskosten
2023	35,2 Millionen US-Dollar	47%
2022	29,8 Millionen US-Dollar	42%

Satellitenherstellungs- und Startkosten

Spire Inc. verursachte erhebliche Kosten bei der Satellitenproduktion und -bereitstellung:

• Durchschnittliche Herstellungskosten für Satelliten: 500.000 US-Dollar pro Einheit
• Geschätzte Startkosten pro Satellit: 1,2 Millionen US-Dollar
• Gesamtinvestition in die Satellitenkonstellation im Jahr 2023: 18,6 Millionen US-Dollar

Gehälter für technisches Personal

Aufschlüsselung der technischen Personalvergütung für 2023:

Personalkategorie	Durchschnittliches Jahresgehalt	Gesamter Personalaufwand
Software-Ingenieure	$135,000	8,1 Millionen US-Dollar
Satelliteningenieure	$165,000	6,6 Millionen US-Dollar
Datenwissenschaftler	$140,000	5,6 Millionen US-Dollar

Wartung der Infrastruktur

Wartungskosten für Infrastruktur und Technologie für 2023:

• Cloud-Computing-Infrastruktur: 4,3 Millionen US-Dollar
• Wartung der Bodenstation: 2,1 Millionen US-Dollar
• Betriebskosten des Rechenzentrums: 3,7 Millionen US-Dollar

Marketing und Geschäftsentwicklung

Ausgaben für Marketing und Geschäftsentwicklung im Jahr 2023:

Kategorie	Kosten
Digitales Marketing	2,5 Millionen Dollar
Teilnahme an Messen und Konferenzen	1,2 Millionen US-Dollar
Vergütung des Vertriebsteams	4,8 Millionen US-Dollar

Spire Inc. (SR) – Geschäftsmodell: Einnahmequellen

Abonnementdienste für Satellitendaten

Jährlicher wiederkehrender Umsatz aus Satellitendatenabonnements: 24,3 Millionen US-Dollar (Geschäftsjahr 2023)

Abonnementstufe	Jahresumsatz	Anzahl der Abonnenten
Grundlegende Datenebene	8,7 Millionen US-Dollar	127 Firmenabonnenten
Premium-Datenstufe	15,6 Millionen US-Dollar	53 Unternehmenskunden

Einnahmen aus Regierungsverträgen

Gesamteinnahmen aus Regierungsaufträgen: 41,2 Millionen US-Dollar (2023)

• Verträge des US-Verteidigungsministeriums: 22,5 Millionen US-Dollar
• Auftragswert der NASA: 9,7 Millionen US-Dollar
• Andere Verträge mit Bundesbehörden: 9 Millionen US-Dollar

Technologielizenzgebühren

Jährlicher Umsatz aus Technologielizenzen: 6,8 Millionen US-Dollar (2023)

Lizenzkategorie	Einnahmen	Anzahl der Lizenznehmer
Satellitentechnologie	4,3 Millionen US-Dollar	12 Technologiepartner
Datenverarbeitungsalgorithmen	2,5 Millionen Dollar	8 kommerzielle Lizenznehmer

Benutzerdefinierte Datenanalyselösungen

Jahresumsatz aus benutzerdefinierten Analysen: 17,6 Millionen US-Dollar (2023)

• Lösungen für die maritime Industrie: 7,2 Millionen US-Dollar
• Klima- und Wetteranalysen: 5,4 Millionen US-Dollar
• Logistik- und Transportanalyse: 5 Millionen US-Dollar

Hardware- und Satellitenverkauf

Gesamtumsatz aus Hardware- und Satellitenverkäufen: 12,9 Millionen US-Dollar (2023)

Produktkategorie	Einnahmen	Verkaufte Einheiten
Nanosatellitensysteme	8,6 Millionen US-Dollar	22 Satellitensysteme
Bodenstationsausrüstung	4,3 Millionen US-Dollar	47 Ausstattungspakete

Spire Inc. (SR) - Canvas Business Model: Value Propositions

You're looking at the core promises Spire Inc. (SR) makes to its customers and stakeholders as of late 2025. This isn't just about delivering gas; it's about the regulated certainty, the environmental commitment, and the growth strategy underpinning their operations.

Safe and reliable delivery of natural gas as a regulated essential service is the foundation. Spire Inc. serves as a regulated natural gas Local Distribution Company (LDC) for approximately 1.7 million homes and businesses across Alabama, Missouri, and Mississippi. To maintain this service across their network, which includes approximately 63,000 miles of total distribution pipeline, the company prioritizes capital deployment for system integrity. For fiscal year 2025, nearly 90% of the company's capital investment of $922 million was allocated to the Gas Utility segment, with a significant portion dedicated to safety and reliability improvements.

The value of predictable pricing and stable service under regulatory oversight comes from operating in jurisdictions with established rate-setting mechanisms. Spire Missouri benefits from the Missouri Public Service Commission (MoPSC) approval of a stipulation and agreement in September 2025, leading to a $210 million annual revenue increase effective October 24, 2025. This regulatory structure, along with Infrastructure System Replacement Surcharge (ISRS) revenues, helps stabilize earnings. For instance, Spire Missouri ISRS revenues increased year-over-year in fiscal 2025. The Gas Utility segment's adjusted earnings for the full fiscal year 2025 reached $231.4 million, up from $220.8 million in fiscal 2024.

Spire Inc.'s commitment to environmental goals is demonstrated through specific reduction targets and infrastructure spending aimed at reducing leaks, which are a source of methane emissions. While historical data from 2021 indicated a goal to reduce gas utility methane emissions by nearly 54% by 2025 from 2005 levels, more recent company statements point toward a goal of a 59% reduction by 2025 and 73% by 2035. To support this, the company invested $269 million in infrastructure upgrades during fiscal 2025.

The Energy choice and value-added services through the Gas Marketing segment provide a non-regulated counterbalance to the utility business. This segment creates value by optimizing commodity, transportation, and storage portfolios across North America. For the full fiscal year 2025, the Gas Marketing segment generated adjusted earnings of $25.9 million, an increase from $23.4 million in fiscal 2024. However, performance can fluctuate; for example, first-quarter fiscal 2025 adjusted earnings for this segment were $2.2 million, down from $7.2 million in the prior year's first quarter due to market conditions.

Finally, the value proposition of long-term infrastructure investment for system integrity is backed by a substantial capital commitment. Spire Inc. has raised its decade-long capital plan to $11.2 billion, extending through fiscal 2035. The capital expenditure target for fiscal 2025 was set at $922 million, with approximately 98% of the 10-year plan designated for utility spend to drive rate base growth. This investment supports the company's long-term adjusted Earnings Per Share (EPS) growth target of 5% to 7%.

Here's a quick look at the key operational and financial metrics supporting these value propositions for the fiscal year 2025 ended September 30, 2025:

Metric Category	Specific Data Point	Value (FY 2025)
Regulated Service Footprint	Regulated Customers Served	1.7 million
Regulated Service Footprint	Total Distribution Pipeline Miles	~63,000 miles
Infrastructure Investment	Total Capital Expenditures Target	$922 million
Infrastructure Investment	Utility Spend Percentage of 10-Year Plan	98%
Environmental Progress	Gas Utility Methane Reduction Goal	59% by 2025
Environmental Progress	FY25 Infrastructure Upgrade Spend	$269 million
Gas Marketing Segment	Adjusted Earnings	$25.9 million
Gas Utility Segment	Adjusted Earnings	$231.4 million
Long-Term Growth Target	Adjusted EPS Growth Target	5-7%

You can see the utility segment remains the core driver, contributing $231.4 million in adjusted earnings for FY2025, while the Gas Marketing segment added $25.9 million. The dividend also reflects confidence in this stable base, with the quarterly dividend raised by 5.1% to $0.825 per share.

Spire Inc. (SR) - Canvas Business Model: Customer Relationships

Regulated relationship model with state commission oversight

Spire Inc. operates under direct state commission oversight, which dictates key aspects of customer billing and service investment recovery. The regulatory environment in Missouri saw a positive settlement in the Missouri rate case, with new rates effective in October. Furthermore, legislation passed in Missouri in April 2025 allows for future test year ratemaking for rate cases filed after July 2026. In Alabama, the company is engaged in the rate stabilization and equalization (RSE) rate setting process, working with stakeholders for rate updates.

Jurisdiction/Mechanism	Metric/Value	Period/Status
Spire Missouri Rate Base Growth Target	7-8%	Long-term, supported by capital plan
Spire Missouri Expected Rate Base Growth	Approximately 7%	Supported by capital deployment
Allowed ROE Range (Example 1)	9.50% - 9.90% with a 9.70% midpoint	Terms effective through 9/30/25
Allowed ROE Adjusting Point (Example 2)	9.95%	Range of 9.7% - 10.30%
Infrastructure System Replacement Surcharge Pre-tax Rate of Return	8.25%	Current mechanism

Customer service interactions are managed through established emergency and standard contact channels. The emergency contact number is 800-582-1234. For one-call utility location services, the number is 811. Customer Solutions Representatives handle service start/stop/transfer requests, billing issues, and emergency order scheduling for customers in Missouri, Mississippi, and Alabama. The median salary for a Spire customer service representative was reported at $32,738 per year (based on April 2024 data).

Customer service centers and digital platforms for billing and outages

Digital platforms require customer registration to access online bill payment and account management features. Service history, including past addresses, is available through the online account portal. The company also provides confirmation letters for residency, past payments, and tax purposes through these channels.

Proactive communication regarding infrastructure upgrades and rate changes

Spire Inc. executed significant capital deployment in fiscal 2025, investing a total of $922 million. Close to 90% of this investment was allocated to the utility segments to enhance system safety and reliability for customers. The fiscal 2025 capital investment target was raised to $840 million. This included $169M specifically for infrastructure upgrades and $103M for advanced meter installations. Looking forward, the projected ten-year capital plan totals $11.2 billion. For the period of fiscal 2026 through fiscal 2030, 70% of the $4.8 billion investment plan is dedicated to safety and reliability projects.

Capital Expenditure Category (FY 2025)	Amount	Future Capital Plan Allocation (FY2026-FY2030)
Total Fiscal 2025 Investment	$922 million	Total Five-Year Plan: $4.8 billion
Infrastructure Upgrades (FY25)	$169 million	Safety and Reliability Allocation: 70% of $4.8B
Advanced Meter Installations (FY25)	$103 million	Customer Expansion/New Business Allocation: 19% of $4.8B

Community engagement and corporate social responsibility initiatives

Spire Inc. has a long-standing commitment to its stakeholders, evidenced by paying a cash dividend continuously since 1946. The Board approved a 5.1% increase to the common stock dividend, setting the annualized rate at $3.30 per share for the upcoming period, marking 23 consecutive years of dividend growth. On the environmental front, Spire committed to reducing methane emissions from operations by 57% from 2005 levels by 2025. The company also aims for an average methane emissions rate of 1% or less of total natural gas production and delivery by 2025 through its ONE Future coalition membership. Community Investment applications are reviewed twice annually, in March and September.

You should review the latest Form 10-K for the full scope of risks and opportunities related to customer engagement. Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Channels

You're looking at how Spire Inc. gets its product-natural gas-and its services to the people and businesses that need it. This is all about the physical and digital pathways they use to connect with their customers and partners. It's a mix of old-school infrastructure and modern service delivery.

Physical distribution network (pipelines) directly to homes and businesses

The core of Spire Inc.'s delivery is its regulated utility network. This is the miles of pipe that physically move the gas to the end-user. As of late 2025, Spire Inc. is serving a substantial customer base across its utility territories.

• Total distribution pipeline mileage across Alabama, Mississippi, and Missouri is approximately ~32,800 miles.
• The company serves over 1.7 million homes and businesses daily through its gas utilities.
• Capital expenditures for fiscal 2025 included significant spending on infrastructure upgrades, with a portion dedicated to projects like advanced meter installations.

Direct sales and service teams for residential and commercial customers

While much of the utility relationship is managed through regulated rates and billing, direct interaction for service, new connections, and customer support is handled by dedicated teams. The scale of the direct workforce reflects the commitment to this segment.

As of September 30, 2025, Spire Inc. employed a total of 3,497 people across all its operations, which includes the personnel dedicated to utility customer service and direct sales/support functions. The utility segment's performance benefited from new rates in fiscal 2025.

Wholesale channels for Gas Marketing and Midstream services

For the non-regulated businesses, Spire Inc. uses wholesale channels to move and store gas for other entities like producers, power generators, and other utilities. These channels are critical for the Midstream and Gas Marketing segments.

Here's a look at the key operational and financial metrics for these wholesale-facing segments for fiscal year 2025:

Channel Component	Metric Type	Fiscal 2025 Value	Prior Year Value (FY 2024)
Midstream Segment	Adjusted Earnings	$56.3 million	$33.5 million
Gas Marketing Segment	Average Daily Volume (Bcf/d)	Data not explicitly updated for FY2025	~1.32 Bcf/d
Spire Storage West (Wyoming)	Capacity (Bcf)	39 Bcf (Post-Expansion)	23 Bcf (Pre-Expansion)
Spire STL Pipeline	Pipeline Length (miles)	65 miles	65 miles

The Midstream segment saw its adjusted earnings grow significantly in fiscal 2025, driven by factors like additional storage capacity and contract renewals at higher rates.

Digital channels for customer self-service and information access

Spire Inc. supports its customer base with digital access points, though specific self-service adoption rates aren't detailed. The focus on infrastructure investment suggests an ongoing modernization effort that underpins digital capabilities.

• The company reaffirmed its long-term adjusted EPS growth target of 5-7%, supported by capital deployment.
• The 10-year capital investment target through fiscal 2035 is set at $11.2 billion.
• The Gas Utility segment's capital focus included investments in advanced meter installations during fiscal 2025.

The utility earnings in fiscal 2025 benefited from new rates, even with lower usage net of weather mitigation in some areas like Spire Alabama. Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Spire Inc. (SR) as of late 2025, which is heavily weighted toward regulated utility service but supported by non-regulated marketing and midstream assets. The company's customer segments are clearly delineated across its utility operations and its wholesale/capacity businesses.

Regulated Residential Customers

The Regulated Residential Customers form the core of Spire Inc.'s business, cited as the primary base of 1.7 million customers. This base is served across Spire Missouri, Spire Alabama, Spire Gulf, and Spire Mississippi, with the pending acquisition of the Piedmont Natural Gas Tennessee LDC business set to significantly expand this footprint.

As of the September 2025 Investor Presentation, the pro forma total customer count across all regulated entities, including the Tennessee acquisition, was projected at 1,946,000 customers, representing a 12% increase.

Regulated Commercial and Industrial (C&I) customers

Commercial and Industrial (C&I) customers are integrated within the Gas Utility Segment alongside residential users. In the Missouri rate case settlement approved in September 2025, the settlement ensured the percentage impact of the rate increase was roughly the same across all customer classes, protecting residential households from subsidizing large customers. The Gas Marketing segment also provides retail marketing services to large C&I customers.

Wholesale natural gas customers across North America (Gas Marketing)

The Gas Marketing segment is relationship-driven and its business is majority wholesale, serving producers, pipelines, power generators, and utilities across North America.

• Gas Marketing delivered approximately 1.32 Bcf/d in 2024.
• The segment's Q1 Fiscal 2025 adjusted earnings were $2.2 million, down from $7.2 million in the prior year period due to reduced volatility and higher fees.
• This segment creates value by optimizing its commodity, transportation, and storage portfolio using strong risk management.

Interstate pipeline and storage capacity customers (Midstream segment)

The Midstream segment includes the Spire STL Pipeline, MoGas Pipeline, and Spire Storage operations, serving customers needing firm transportation and storage capacity.

• Spire Storage West has an expanded facility capacity of 39 Bcf, serving the Western U.S..
• The Spire STL Pipeline generates annual earnings of approximately $12 million.
• Midstream adjusted earnings for Q1 Fiscal 2025 were $12.0 million, up significantly from $2.4 million in the year-ago period, driven by higher Spire Storage earnings from additional capacity and contract renewals at higher rates.

Here's the quick math on the utility customer base as detailed in the September 2025 pro forma figures:

Utility Entity	Customers (Pro Forma)	Rate Base (as of latest report)
Spire Missouri	1,210,000	$4.4 billion (May 31, 2025 true-up)
Spire Alabama	430,000	$1.6 billion (Net plant as of Sept. 30, 2024)
Tennessee (Acquisition)	205,000	$1.6 billion (Estimated 2026 rate base)
Spire Gulf	84,000	$0.3 billion (Net plant as of Sept. 30, 2024)
Spire Mississippi	18,000	<$0.1 billion (Net plant as of Sept. 30, 2024)
Total Regulated Utility	1,946,000	$7.9 billion (Total Pro Forma Rate Base)

The utility segment is heavily focused on infrastructure investment, with capital expenditures of $922 million in Fiscal 2025, nearly 90% allocated to utilities. The company is targeting a long-term adjusted EPS growth of 5-7%.

Spire Inc. (SR) - Canvas Business Model: Cost Structure

You're looking at the major costs Spire Inc. (SR) faces to keep its regulated utility and midstream operations running, especially given their aggressive investment schedule. Honestly, the capital intensity of this business drives a lot of the recurring costs you see on the income statement.

High capital expenditures (CapEx) for utility modernization are a primary driver of the cost base. Spire Inc. (SR) invested a substantial amount in infrastructure upgrades during the fiscal year. Specifically, the company reported that it invested $922 million in fiscal 2025, with nearly 90% of that allocation directed toward the Gas Utility segment to support growth and reliability projects. This heavy investment directly feeds into other cost categories, namely depreciation.

Significant Operation and Maintenance (O&M) expenses for system upkeep are necessary to maintain the asset base. For the full fiscal year 2025, the total Operation and Maintenance expense was reported. You can see how this breaks down across the main operating segments:

Segment	FY2025 Operation and Maintenance Expense (Millions)	Year-over-Year Change (Gas Utility)
Gas Utility	$115.2	$13.1 million, or 3.1%, higher than the prior year
Midstream	$13.1	Increase from $8.7 million in FY2024
Gas Marketing	$4.6	Increase from $3.3 million in FY2024
Other and eliminations	$9.9	Increase from $0.1 million in FY2024
Total Reported O&M	$142.8	N/A

The increase in Gas Utility O&M was driven by higher employee costs and non-payroll related operating expenses, even after adjusting for pension reclass and bad debt expense.

Depreciation expense on the large rate base of assets scales directly with the capital investment program. As you saw with the $922 million CapEx, the resulting depreciation charge is significant. For the Gas Utility segment alone in FY2025, Depreciation and Amortization expense was $76.5 million. This was an increase of $14.0 million compared to the previous year, directly reflecting that increased capital investment in utility assets.

Interest expense on debt used to finance capital investments is another major fixed cost, especially when borrowing rates are volatile. For the full fiscal year 2025, the reported Net Interest Expense was $58.8 million. In the Gas Utility segment specifically, Interest Expense decreased by $10.2 million year-over-year, which was attributed to lower long-term and short-term rates, though this was partially offset by higher average long-term debt balances from ongoing financing needs.

The variable cost associated with the commodity itself shows up in the gas carrying cost. While the total cost of natural gas purchased isn't itemized as a single expense line here, the related carrying cost credits provide a clue to the magnitude and fluctuation. For FY2025, Spire reported that Gas carrying cost credits decreased by $9.4 million compared to the prior year, which was due to lower gas cost balances. You'll find these costs are largely passed through via regulatory mechanisms, but the timing and balance sheet impact are still a factor in cash flow management.

Here are the key expense drivers for the full fiscal year 2025:

• Total Capital Expenditures for FY2025: $922 million.
• Total Reported Operation and Maintenance Expense: $142.8 million.
• Gas Utility Depreciation and Amortization: $76.5 million.
• Total Net Interest Expense: $58.8 million.

Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Spire Inc. brings in cash as of late 2025. The business model heavily relies on regulated utility income, which provides a stable base, supplemented by infrastructure recovery mechanisms and less regulated activities like midstream and marketing.

Regulated Gas Utility revenue from rates set by state commissions (primary source) is the bedrock. For fiscal 2025, the Gas Utility segment generated adjusted earnings of $231.4 million, an increase from $220.8 million reported in fiscal 2024. This segment's contribution margin saw a lift of $37.5 million, driven by new rates in Alabama and higher ISRS revenues in Missouri.

The recovery of infrastructure spending flows through specific riders. For Spire Missouri, the Infrastructure System Replacement Surcharge (ISRS) revenue mechanism has a statutory cap revenue amount set at $936.6 million, calculated using a 7.05% overall return for prospective rate changes under the rider.

Here's a quick look at the adjusted earnings contribution by key segments for fiscal 2025:

Revenue Stream Segment	Fiscal 2025 Adjusted Earnings (Millions)	Fiscal 2024 Adjusted Earnings (Millions)
Gas Utility	$231.4	$220.8
Midstream	$56.3	$33.5
Spire's Other Activities (Loss)	($38.1)	($30.3)

Midstream revenue from storage capacity contracts and pipeline fees is growing, benefiting from asset optimization. Midstream adjusted earnings reached $56.3 million in fiscal 2025, a significant jump from $33.5 million the prior year, thanks to new contracts at higher rates and added storage capacity.

Gas Marketing revenue from wholesale and retail natural gas sales also contributed, with marketing earnings increasing because the business was well-positioned to create value during the year.

Overall, Spire Inc. reported consolidated adjusted earnings for fiscal 2025 of $275.5 million, which translates to $4.44 per share. This performance led to a capital return action:

• Raised common stock dividend by 5.1%.
• New quarterly dividend rate is $0.825 per share.
• New annualized dividend rate is $3.30 per share.

The company is focused on growth drivers that feed these streams, including a long-term capital investment target of $11.2 billion extending through fiscal 2035.

Finance: draft 13-week cash view by Friday.