Mge Energy Inc. · NASDAQ:MGEE
Mge Energy — Investor Presentation (August 2025)
24 slides from Mge Energy's investor presentation, Aug 6, 2025
Slide 1: Leading a powerful clean energy transition
Leading a powerful clean energy transition ENERGY.
Slide 2: Cautionary Note - Forward-Looking Information
Cautionary Note - Forward-Looking Information Certain matters discussed in this presentation include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forwar
Slide 3: Company Mission and Values
Company Mission and Values MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. MGE Energy is the parent company of MGE, your community energy company. With roots in the community dating back more than 150 years, the utility provides affo
Slide 4: Company Highlights
Company Highlights Diversified Customer Base and Revenue Profile Resilient Revenue Stream and Customer Base ¢ Electric service to ~ 167,000 customers located in the city of Madison and adjacent areas * 87% residential; 13% commercial or industrial * Accounts for ~74% of regulated revenue e Natural g
Slide 5: Service Territory Highlights
Service Territory Highlights MGE's service territory is a growing and diverse community of urban, suburban and rural communities. The Madison area and Dane County lead the state of Wisconsin in population growth. ¢ Seat of State government *« Home to the flagship University of Wisconsin-Madison ¢ Ro
Slide 6: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share $3.50 $2.80 $2.10 $1.40 2020 2021 2022 CAGR calculated from base year ended 12/31/2019 2023 2024 $2.00 $1.60 $1.20 $0.80 $0.40 2020 Dividends Per Share 2021 2022 2023 2024 ENERGY.
Slide 7: Focused on Sustainability and Reliability
Focused on Sustainability and Reliability Projected Capital Expenditures $350 $312 $300 $286 $296 $266 $250 $240 S $200 Gan $182 $202 = $156 5 $131 $150 $100 $50 $109 $110 $112 $114 $110 $o 2025 2026 2027 2028 2029 @ Other Capital Expenditures, including Electric and Gas Distribution ® Generation Di
Slide 8: Expanding Generation and Storage Portfolio
8 Expanding Generation and Storage Portfolio MGE MGE MGE trated Project Nameplate Investment Ownership i & a x Capacity ($M) Interest eS oe Paris Battery Mw $25 10% June 2025 Darien’ Solar/Battery 25 MW/7.5 MW $63 10% e500 Betton 2026 Solar fa Koshkonong Solar/Battery 30 Mwy16.s MW $104 10% saz eete
Slide 9: Constructive Regulatory Environment
Constructive Regulatory Environment Both S&P and Moody's view the Wisconsin regulatory environment as highly credit supportive with timely operating and capital cost recovery and view MGE's relationship with the PSCW as constructive. Supportive regulatory framework including: * Forward-looking test
Slide 10: PSCW Regulators
PSCW Regulators WISCONSIN COMMISSIONERS PARTY TERM BEGAN Summer Strand (Chair) D Mar 2023 Kristy Nieto* D Feb 2024 Marcus Hawkins* D Apr 2024 TERM ENDS Mar 2029 Mar 2031 Mar 2027 * Pending confirmation + Recent appointments of PSCW Commissioners and confirmation of Chair * Constructive rate outcomes
Slide 11: Approved/Proposed Rate Case Parameters
Approved/Proposed Rate Case Parameters MGE filed a rate case application for test years 2026 and 2027 on April 2, 2025. PSCW decision expected by the end of 2025, with new rates effective January 1, 2026. TERMS APPROVED ($000s where applicable) 2024 TY Average Electric Rate Base $1,185,550 Average G
Slide 12: Customer Affordability
Customer Affordability Average residential electric customer bill as percentage of Wisconsin median household income 2.25% 2.00% MGE works hard to keep costs at an affordable 175% level for all customers. An MGE residential electric customer bill as a percentage of customer wallet at 1.51% is below
Slide 13: Strong Credit Ratings
13 Strong Credit Ratings S&P (UTILITY RATINGS) MOODY'S (UTILITY RATINGS) Corporate credit AA- Secured Aa2 Business risk Excellent Unsecured Al Commercial paper A-1+ Commercial paper P-1 Outlook Stable Outlook Stable * Effective management of regulatory risk * Supportive regulatory environment and na
Slide 14: Transmission Investment Outlook
Transmission Investment Outlook MGE Energy anticipates material transmission investment opportunities later this decade through ATC. ATC Projected Capital Expenditures * MGE Energy holds 3.6% equity ownership interest in ATC. $1,400 ATC projects an acceleration of capital expenditures through the en
Slide 15: Transition Toward Cleaner Energy
Transition Toward Cleaner Energy To achieve its carbon reduction goals, MGE is: * Transitioning to a more environmentally sustainable energy supply + Providing customers with options they want today and in the future + Helping customers use energy efficiently and manage future costs * Providing a dy
Slide 16: Natural Gas Distribution - Emissions Reductions Beyond Carbon
16 Natural Gas Distribution - Emissions Reductions Beyond Carbon Building upon our long-standing commitment to providing affordable, sustainable energy, MGE has set a goal to achieve net-zero methane emissions from its natural gas distribution system by 2035. + MGE is working to reduce overall emiss
Slide 17: APPENDIX
APPENDIX
Slide 18: Second-Quarter EPS by Segment
18 Second-Quarter EPS by Segment Three Months Ended June 30 2025 $0.06 $0.17 “s0.01) ($0.04 ) Diluted EPS Diluted EPS $0.72 $0.54 $0.43 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility | eee! LJ $0.00 2024 NonReg Energy Transmission Other $0.66 MG
Slide 19: Year-to-Date EPS by Segment
19 Year-to-Date EPS by Segment Six Months Ended June 30 $0.33 NN (50.02) Diluted EPS $1.86 $1.09 Electric Utility Gas Utility NonRegEnergy Transmission Other MGE Energy Diluted EPS $0.87 Electric Utility Gas Utility 2024 NonReg Energy Transmission Other $1.59 MGE Energy ENERGY.
Slide 20: Strong Record of Regulated Asset Growth
20 Strong Record of Regulated Asset Growth $2,500 $2,000 $1,500 $1,000 Net PP&E + CWIP ($millions) $500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202025 ENERGY.
Slide 21: Electric Utility Mix
21 Electric Utility Mix Electric Retail Revenues Twelve Months Ended December 31, 2024 Electric Retail Volumes @ Residential = Commercial © Industrial ™ Other Electric Customers ENERGY.
Slide 22: Gas Utility Mix
22 Gas Utility Mix Gas Revenues Twelve Months Ended December 31, 2024 Gas Volumes @ Residential = Commercial/Industrial | Other Gas Customers ENERGY.
Slide 23: ESG - Disclosures
23 ESG - Disclosures Below are links to ESG information: Corporate Responsibility and Sustainability Report ¢ COP Climate Change Questionnaire e EEI-AGA Qualitative Template e EEI-AGA Quantitative Template e FEO-1 Data Report ¢ Task Force on Climate-Related Financial Disclosures Report Code of Ethic
Slide 24: Ken Frassetto
Ken Frassetto Director Shareholder Services and Treasury Management kfrassetto@mge.com | 608-252-4723 P.O. Box 1231 Madison, WI 53701-1231 Your Community Energy Company Learn more at mge.com. ENERGY.