SPIRE ALABAMA INC

The following risk factor should be read in conjunction with the risk factors disclosed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. This risk factor updates and supplements the previously disclosed risk factors in light of recent acquisitions and divestitures and related financing activities.

Risks related to pending divestitures and the ability to satisfy closing conditions.

From time to time, Spire may seek to strategically divest certain business segments or subsidiaries. Such divestitures involve a number of risks, including but not limited to, conditions to the completion of the applicable transaction, such as receipt of required regulatory clearances, not being satisfied; closing of the applicable transaction being delayed or not occurring at all; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the applicable agreement; Spire being unable to achieve the anticipated benefits of the applicable transaction; significant transaction costs associated with the applicable transaction; the risk that disruptions from the applicable transaction will harm the businesses, including current plans and operations; the ability to retain and/or hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; and other factors relating to the operations and financial performance discussed in Spire’s filings with the SEC.