Is Spire’s (SR) Dividend Increase Shaping New Expectations for Income and Management Confidence?

• On November 13, 2025, Spire Inc. announced a 5.1% increase in its annual common stock dividend, raising it to US$3.30 per share, and declared a regular quarterly dividend on its preferred stock payable in early 2026.
• This dividend increase highlights Spire's management confidence in its financial outlook and reinforces its commitment to rewarding shareholders consistently.
• We'll examine how Spire's dividend hike may influence its investment narrative and investor expectations for future income growth.

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Spire Investment Narrative Recap

To be a Spire shareholder, you need to believe that regulated natural gas utilities can deliver steady income growth in a sector facing mounting decarbonization pressures and ongoing capital requirements. Spire’s November dividend increase underscores management’s confidence but does not meaningfully change the main catalyst, successful integration and revenue uplift from the Piedmont Tennessee acquisition, nor does it resolve the bigger risk of stricter decarbonization policies potentially weighing on future demand and margins.

The recent board decision to increase the common stock dividend by 5.1 percent to US$3.30 per share, alongside a regular preferred dividend, stands out as the most relevant announcement for yield-focused investors. While these moves confirm Spire’s commitment to shareholder returns, the company’s long-term growth story still hinges on achieving regulatory approval and the anticipated benefits from its expanded Tennessee footprint.

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Read the full narrative on Spire (it's free!)

Spire's outlook projects $3.2 billion in revenue and $344.9 million in earnings by 2028. This requires 9.4% yearly revenue growth and a $74.4 million increase in earnings from the current $270.5 million.

Uncover how Spire's forecasts yield a $89.61 fair value, in line with its current price.

Exploring Other Perspectives

Only one fair value estimate from the Simply Wall St Community placed Spire at US$98.50 per share, indicating limited diversity in private investor views. As you consider this opinion, recall that the company’s future performance will also depend on how it manages tightening regulations and secures cost recovery for major capital projects.

Explore another fair value estimate on Spire - why the stock might be worth just $98.50!

Build Your Own Spire Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Spire research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Spire research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Spire's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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