Normal path — rate cases recover capex, cash catches up; the payout stays durable on EPS.

Utility dividend-financing plumbing: EPS-covered payout with negative free cash flow Operating cash flow capex — funded first 1 new capex rate base rate case rate recovery returns cash 3 Debt bonds issued Equity shares issued financing cost financing gap 2 4 Dividend pool to shareholders EPS-covered 1 Dividend after heavy capex OCF-funded 2 Gap financed debt + equity on the rate base 3 Rate recovery cash catches up payout on EPS 4 Recovery lags gap widens leverage rating headroom Spire: FCF -$222M, D/E ~202%