Spire Inc. (SR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide de la technologie des satellites en évolution, Spire Inc. (SR) apparaît comme une force pionnière, transformant le suivi mondial et l'intelligence des données grâce à de petites solutions satellites innovantes. En tirant parti de l'infrastructure de pointe et des partenariats stratégiques avec la NASA et les principales agences gouvernementales, SPIRE offre des informations maritimes, aéronautiques et environnementales sans précédent qui révolutionnent la façon dont les entreprises et les gouvernements accèdent et utilisent des données spatiales. Leur modèle commercial unique combine des technologies de pointe, des solutions évolutives et une approche multidimensionnelle des services satellites qui les positionnent à l'avant-garde de la révolution aérospatiale et d'analyse des données.

Spire Inc. (SR) - Modèle d'entreprise: partenariats clés

NASA et agences spatiales gouvernementales Contrats de technologie satellite

Spire Global a des contrats actifs d'une valeur de 10,4 millions de dollars avec les agences spatiales gouvernementales au T2 2023. Les partenariats spécifiques comprennent:

Agence	Valeur du contrat	Durée
NASA	4,2 millions de dollars	2023-2024
Département américain de la défense	3,7 millions de dollars	2023-2025
Administration nationale océanique et atmosphérique	2,5 millions de dollars	2023-2024

Fournisseurs de communication par satellite commerciale

Spire collabore avec plusieurs fournisseurs de communication par satellite commerciale:

• Communications iridium
• Globalstar
• Inmarsat

Fabricants de l'industrie aérospatiale et de la défense

Les principaux partenariats de fabrication comprennent:

Fabricant	Focus de partenariat	Valeur de collaboration estimée
Lockheed Martin	Fabrication de composants satellites	2,8 millions de dollars
Boeing	Services d'intégration par satellite	1,9 million de dollars

Sociétés d'analyse de données et de développement de logiciels

Les partenariats de développement de logiciels de Spire comprennent:

• Services Web Amazon
• Google Cloud Platform
• Microsoft Azure

Opérateurs de réseau de gare

Des partenariats de réseau de la station au sol évalués à:

Opérateur	Couverture réseau	Valeur de partenariat
Viasat	Réseau de la station terrestre mondiale	3,5 millions de dollars
Réseaux SES	Stations de terre internationales	2,6 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: activités clés

Petite conception et fabrication satellite

Spire Global opère avec 110 petits satellites actifs en orbite terrestre basse au Q4 2023.

Spécification satellite	Détails
Constellation satellite totale	110 satellites opérationnels
Poids satellite moyen	5-7 kg par unité
Capacité de fabrication annuelle	25-30 satellites par an

Observation et collecte de données sur la Terre

Spire recueille environ 5 millions de points de données par jour dans les domaines maritimes, aéronautiques et météorologiques.

• Couverture de suivi maritime: 100% des voies d'expédition mondiales
• Suivi de l'aviation: surveillance en temps réel de plus de 100 000 avions
• Collecte de données météorologiques: couverture globale avec une résolution de 1 à 3 km

Services de suivi maritime et aéronautique

Catégorie de service	Points de données quotidiens
Suivi maritime	2,5 millions de points de données
Suivi de l'aviation	1,5 million de points de données

Surveillance du signal radiofréquence

Spire surveille plus de 300 000 signaux de fréquence radio dans le monde par jour.

Analyse prédictive et traitement des données

• Vitesse de traitement des données: 500 To par jour
• Algorithmes d'apprentissage automatique: 15+ modèles propriétaires
• Précision prédictive: 85-92% dans différents domaines

Spire Inc. (SR) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie satellite avancée

En 2024, Spire Inc. exploite une constellation de 110 nanosatellites, avec un investissement total de 78,3 millions de dollars en infrastructure technologique satellite.

Type satellite	Nombre	Investissement
Nanosatellites de lémuriens	110	78,3 millions de dollars

Plateformes de logiciels et d'analyses de données propriétaires

L'investissement de développement de logiciels de Spire a atteint 22,4 millions de dollars en 2023, en se concentrant sur les plateformes avancées d'analyse de données.

• Algorithmes d'apprentissage automatique pour le suivi maritime
• Systèmes de traitement des données géospatiales en temps réel
• Logiciel d'analyse prédictif avancé

Talent d'ingénierie spécialisé

Au quatrième trimestre 2023, Spire a employé 287 ingénieurs spécialisés avec une compensation annuelle moyenne de 145 000 $.

Catégorie d'ingénierie	Nombre d'employés	Compensation moyenne
Ingénieurs satellites	92	$165,000
Data scientifiques	78	$138,000
Ingénieurs logiciels	117	$132,000

Propriété intellectuelle et brevets

Spire Inc. détient 37 brevets actifs avec une valeur totale estimée de 12,6 millions de dollars en 2024.

• Technologies de miniaturisation par satellite
• Méthodes de collecte de données d'occultation radio
• Algorithmes de traitement avancé du signal

Réseau de station sol robuste

Spire maintient 12 stations de terrain dans 8 pays, avec un investissement total d'infrastructure de 16,5 millions de dollars.

Emplacement	Nombre de stations	Zone de couverture
Emplacements mondiaux	12	8 pays
Investissement total d'infrastructure	N / A	16,5 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: propositions de valeur

Suivi de la maritime mondial et de l'aviation en temps réel

Spire Inc. fournit des services de suivi en temps réel en utilisant une constellation de plus de 100 nanosatellites à partir de 2024. La société propose un suivi des navires maritimes avec une couverture mondiale de 99,8% et un suivi de l'aviation avec des mises à jour de position en temps quasi réel.

Métrique de suivi	Performance
Navires maritimes suivis	Plus de 500 000 navires dans le monde
Précision de suivi de l'aviation	Précision à 99,5%
Couverture mondiale	99,8% de surface

Surveillance des conditions météorologiques et environnementales précises

Spire fournit des données environnementales à haute résolution grâce à une technologie satellite avancée.

• Fréquence de collecte des données météorologiques: plus de 10 000 mesures par jour
• Précision de mesure de la température: ± 0,1 ° C
• Points de données atmosphériques: 20+ paramètres environnementaux

Solutions de données satellites abordables et évolutives

Spire offre des services de données satellites rentables avec des modèles de tarification compétitifs.

Niveau de service	Prix ​​mensuels	Volume de données
Basic	$499	100 Go
Professionnel	$1,999	500 Go
Entreprise	$4,999	Illimité

Technologie des petites satellites à faible coût et hautes performances

Spire utilise la technologie des nanosatellites avec des coûts de fabrication et de lancement réduits.

• Coût de production par satellite: environ 500 000 $ par unité
• Coût de lancement par satellite: 250 000 $
• Durée de vie opérationnelle par satellite: 3-5 ans

Intelligence exploitable pour les clients commerciaux et gouvernementaux

Spire fournit une intelligence complète des données sur plusieurs secteurs.

Segment client	Contribution annuelle des revenus
Clients commerciaux	62% des revenus totaux
Clients du gouvernement	38% des revenus totaux
Revenu annuel total (2023)	125,6 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Au quatrième trimestre 2023, Spire Inc. maintient une équipe de vente directe de 87 professionnels ciblant les entreprises et les clients du gouvernement. L'équipe de vente a généré 42,3 millions de dollars de nouveaux revenus de contrat au cours de 2023.

Métriques de l'équipe de vente	Performance de 2023
Représentants des ventes totales	87
Nouveau revenu contractuel	42,3 millions de dollars
Valeur du contrat moyen	$487,000

Consultations de solutions de données personnalisées

Spire fournit des consultations de solutions de données spécialisées avec une durée moyenne de consultation de 22 heures par client d'entreprise. En 2023, la société a effectué 214 consultations complètes de solutions de données.

• Types de consultation: géospatial, maritime, aviation
• Coût de consultation moyen: 12 500 $
• Revenu total de consultation: 2,675 millions de dollars

Plateformes de support client en ligne

Spire exploite une plate-forme de support numérique 24/7 avec des temps de réponse en moyenne 47 minutes. En 2023, la plate-forme a géré 8 762 billets de support client.

Métriques de la plate-forme de support	Performance de 2023
Billets de soutien total	8,762
Temps de réponse moyen	47 minutes
Taux de satisfaction client	92%

Services d'intégration technique et de mise en œuvre

Spire propose des services d'intégration technique complets avec 63 spécialistes de la mise en œuvre dédiés. La durée moyenne du projet de mise en œuvre est de 6 à 8 semaines.

• Spécialistes de la mise en œuvre: 63
• Durée moyenne du projet: 6-8 semaines
• Revenus de services de mise en œuvre: 17,4 millions de dollars en 2023

Abonnements de services de données en cours

En décembre 2023, Spire maintient 437 abonnements actifs à service de données d'entreprise avec une valeur de contrat annuelle moyenne de 124 000 $.

Métriques d'abonnement	Performance de 2023
Abonnements actifs totaux	437
Valeur du contrat annuel moyen	$124,000
Revenu total d'abonnement	54,2 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: canaux

Équipe de vente directe d'entreprise

Au quatrième trimestre 2023, Spire Inc. maintient une équipe de vente directe de 87 représentants des ventes d'entreprises. L'équipe génère environ 42,6 millions de dollars de revenus annuels grâce à des interactions de ventes directes.

Métrique de l'équipe de vente	Valeur
Représentants totaux des ventes d'entreprises	87
Revenus de ventes directes annuelles	42,6 millions de dollars
Durée moyenne du cycle des ventes	4,2 mois

Plateforme numérique en ligne et site Web

La plate-forme numérique de Spire gère 63% des interactions d'acquisition et de support des clients. Le site Web reçoit 247 000 visiteurs uniques mensuels avec un taux de conversion de 22% pour les demandes de services numériques.

• Trafic mensuel du site Web: 247 000 visiteurs uniques
• Taux de conversion numérique: 22%
• Demandes de service en ligne: 54 340 par mois

Conférences et salons commerciaux de l'industrie

En 2023, Spire a participé à 17 conférences de l'industrie, générant 412 prospects directs avec une valeur de contrat potentielle estimée à 3,7 millions de dollars.

Métriques de la participation de la conférence	Valeur
Les conférences totales ont assisté	17
Leads générés	412
Valeur de contrat potentiel	3,7 millions de dollars

Réseaux de partenariat stratégiques

Spire maintient 24 partenariats de technologie et de distribution stratégiques. Ces partenariats contribuent à 37% des revenus annuels totaux, soit 89,4 millions de dollars en 2023.

• Partenariats stratégiques totaux: 24
• Contribution des revenus du partenariat: 37%
• Revenus de partenariat annuel: 89,4 millions de dollars

Prestation de services basée sur le cloud

Les services cloud représentent 72% de la prestation de services de Spire, avec 3 620 abonnements à service cloud actif générant 56,2 millions de dollars de revenus annuels récurrents.

Métriques de service cloud	Valeur
Prestation de services via le cloud	72%
Abonnements à cloud actif	3,620
Revenus cloud annuels	56,2 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: segments de clientèle

Gouvernement et agences de défense

Spire Inc. dessert plusieurs agences gouvernementales et de défense avec des solutions de données spatiales:

Type de client	Nombre de contrats	Contribution annuelle des revenus
Département américain de la défense	7 contrats actifs	12,3 millions de dollars
Administration nationale océanique et atmosphérique (NOAA)	3 contrats actifs	5,7 millions de dollars

Compagnies maritimes et maritimes

Spire fournit des services de suivi et d'intelligence maritimes:

• Clients maritimes totaux: 127 compagnies de transport mondial
• Couverture: plus de 90% de la flotte commerciale maritime mondiale

Segment de clientèle	Pénétration du marché	Valeur du contrat annuel
Expédition commerciale	68 entreprises	8,9 millions de dollars
Industrie de la pêche	42 entreprises	3,4 millions de dollars

Industries de l'aviation et des transports

Services de données d'aviation de Spire:

• Total des clients de l'aviation: 53 compagnies aériennes et sociétés de transport
• Couverture mondiale de suivi des vols: 85%

Segment de l'aviation	Nombre de clients	Revenus annuels
Compagnies aériennes commerciales	37 compagnies aériennes	6,5 millions de dollars
Transport de fret	16 entreprises	2,8 millions de dollars

Organisations de recherche climatique

Spire soutient la recherche sur le climat avec les données par satellite:

• Clients de l'organisation de recherche totale: 42
• Couverture mondiale de surveillance du climat: 75%

Type de recherche	Nombre d'institutions	Valeur du contrat annuel
Institutions universitaires	28 universités	4,2 millions de dollars
Centres de recherche indépendants	14 organisations	2,6 millions de dollars

Fournisseurs de télécommunications

Services de données de télécommunications de Spire:

• Total des clients de télécommunications: 19 fournisseurs mondiaux
• Couverture de communication par satellite: 82%

Segment de télécommunications	Nombre de prestataires	Revenus annuels
Opérateurs de télécommunications mondiales	12 fournisseurs	5,1 millions de dollars
Sociétés de télécommunications régionales	7 fournisseurs	2,3 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Spire Inc. a déclaré des frais de recherche et de développement de 35,2 millions de dollars, ce qui représente 47% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	35,2 millions de dollars	47%
2022	29,8 millions de dollars	42%

Coûts de fabrication et de lancement de satellite

Spire Inc. a engagé des dépenses importantes dans la production et le déploiement par satellite:

• Coût moyen de fabrication par satellite: 500 000 $ par unité
• Coût de lancement estimé par satellite: 1,2 million de dollars
• Investissement total de constellation par satellite en 2023: 18,6 millions de dollars

Salaires du personnel technique

Déchange de rémunération du personnel technique pour 2023:

Catégorie de personnel	Salaire annuel moyen	Total des dépenses du personnel
Ingénieurs logiciels	$135,000	8,1 millions de dollars
Ingénieurs satellites	$165,000	6,6 millions de dollars
Data scientifiques	$140,000	5,6 millions de dollars

Maintenance des infrastructures

Coûts d'infrastructure et de maintenance technologique pour 2023:

• Infrastructure de cloud computing: 4,3 millions de dollars
• Entretien de la station sol: 2,1 millions de dollars
• Coûts opérationnels du centre de données: 3,7 millions de dollars

Marketing et développement commercial

Dépenses de marketing et de développement commercial en 2023:

Catégorie	Frais
Marketing numérique	2,5 millions de dollars
Salon du commerce et participation de la conférence	1,2 million de dollars
Compensation de l'équipe de vente	4,8 millions de dollars

Spire Inc. (SR) - Modèle d'entreprise: Strots de revenus

Services d'abonnement aux données satellites

Revenus récurrents annuels des abonnements aux données satellites: 24,3 millions de dollars (2023 Exercice)

Niveau d'abonnement	Revenus annuels	Nombre d'abonnés
Tier de données de base	8,7 millions de dollars	127 abonnés d'entreprise
Niveau de données premium	15,6 millions de dollars	53 clients d'entreprise

Revenus contractuels du gouvernement

Revenu total des contrats gouvernementaux: 41,2 millions de dollars (2023)

• Contrats du ministère américain de la Défense: 22,5 millions de dollars
• Valeur du contrat de la NASA: 9,7 millions de dollars
• Autres contrats d'agence fédérale: 9 millions de dollars

Frais de licence de technologie

Revenus de licences technologiques annuelles: 6,8 millions de dollars (2023)

Catégorie de licence	Revenu	Nombre de titulaires de licence
Technologie satellite	4,3 millions de dollars	12 partenaires technologiques
Algorithmes de traitement des données	2,5 millions de dollars	8 titulaires de licence commerciale

Solutions d'analyse de données personnalisées

Revenus annuels des analyses personnalisées: 17,6 millions de dollars (2023)

• Solutions de l'industrie maritime: 7,2 millions de dollars
• Analyse climatique et météorologique: 5,4 millions de dollars
• Analyse logistique et transport: 5 millions de dollars

Ventes de matériel et de satellite

Revenu total du matériel et des ventes par satellite: 12,9 millions de dollars (2023)

Catégorie de produits	Revenu	Unités vendues
Systèmes nanosatellites	8,6 millions de dollars	22 systèmes satellites
Équipement de la gare	4,3 millions de dollars	47 Packages d'équipement

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.