Mge Energy Inc. · NASDAQ:MGEE
Mge Energy — EEI Financial Conference 2025
26 slides from Mge Energy's conference presentation, November 2025
Slide 1: EEI Financial Conference
EEI Financial Conference November 2025 1
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 Regulated, Highly Visible Growth Resilient Revenue Stream and Customer Base Historical 5-Year EPS CAGR of 5.8%, Regulated PPE(1) • Electric service to ~167,000 customers located in CAGR of 6.8% the city of Madison and adjacent areas •
Slide 5: Service Territory Highlights and Customer Count
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 • Rob
Slide 6: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share Dividends Per Share $3.50 $2.00 50 Consecutive Years of Dividend Growth $2.80 $1.60 $2.10 $1.20 $1.40 $0.80 $0.70 $0.40 $- $- 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 CAGR calculated from base year ended 12/31/2019 6
Slide 7: Capital Program Focused on Sustainability and Reliability
Capital Program Focused on Sustainability and Reliability Projected Capital Expenditures $400 $375 $350 $330 $323 $328 $327 $301 $300 $250 $ millions $200 $150 $100 $50 $0 2025 2026 2027 2028 2029 2030 Electric Utility Gas Utility Nonregulated • See Cautionary Note - Forward-Looking Information at t
Slide 8: Clean Energy Investments Driving Growth
Clean Energy Investments Driving Growth 8
Slide 9: Expanding Generation and Storage Portfolio – Solar
Expanding Generation and Storage Portfolio MGE MGE MGE Estimated Solar Projects Source Nameplate Investment Ownership In-Service Date Capacity ($M)(c) Interest Darien(a) Solar 25 MW $47 10% March 2025 Koshkonong(a) Solar 30 MW $68 10% 2026 Sunnyside(a) Solar 20 MW $42 100% 2026 High Noon(a) Solar 30
Slide 10: Expanding Generation and Storage Portfolio – Storage and Wind
Expanding Generation and Storage Portfolio MGE MGE MGE Estimated Storage Projects Source Nameplate Investment Ownership In-Service Date Capacity ($M)(c) Interest Paris(a) Battery 11 MW $25 10% June 2025 Darien(a) Battery 7.5 MW $16 10% 2026 Koshkonong(a) Battery 16.5 MW $36 10% 2027 High Noon(a) Bat
Slide 11: 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 Public Service Commission of Wisconsin (PSCW) as constructive. Supportive regulatory fra
Slide 12: PSCW Regulators
PSCW Regulators WISCONSIN PARTY TERM BEGAN TERM ENDS COMMISSIONERS Summer Strand (Chair) D Mar 2023 Mar 2029 Kristy Nieto* D Feb 2024 Mar 2031 Marcus Hawkins* D Apr 2024 Mar 2027 * Pending confirmation • Recent appointments of PSCW Commissioners and confirmation of Chair • Constructive rate outcomes
Slide 13: 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. Unanimous settlement agreement filed on September 10, 2025. PSCW decision expected by the end of 2025, with new rates effective January 1, 2026. TERMS APPROVED SETTLEMENT PROPOSED
Slide 14: 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 level for all customers. An MGE residential 1.75% electric customer bill as a percentage of 1.59% customer wallet at 1.46% is
Slide 15: Strong Credit Ratings
Strong Credit Ratings S&P (UTILITY RATINGS) MOODY'S (UTILITY RATINGS) Corporate credit AA- Secured Aa2 Business risk Excellent Unsecured A1 Commercial paper A-1+ MGE works hard Commercial to keep costs an affordable paper P-1 level for all customers. An MGE residential electric customer Outlook Stab
Slide 16: 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. $1,800 ATC projects an acceleration of capital expenditures, with 2026-203
Slide 17: Ongoing Transition Toward Cleaner Energy
Ongoing Transition Toward Cleaner Energy Climate Transition and Our Business MGE Energy is investing in renewable generation and innovative energy solutions to advance portfolio sustainability while improving grid resilience and maintaining energy 2050 affordability. The company continues to work to
Slide 18: Natural Gas Distribution – Emissions Reductions Beyond Carbon
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 emission
Slide 19: Appendix
APPENDIX ENERGY.
Slide 20: Third Quarter EPS by Segment
Third Quarter EPS by Segment Three Months Ended September 30 2025 2024 $0.06 $0.07 $0.17 $0.06 $0.17 ($0.01) ($0.08) ($0.06) Diluted EPS Diluted EPS $1.22 $1.00 $1.13 $0.97 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility NonReg Energy Transmissio
Slide 21: Year-to-Date EPS by Segment
Year-to-Date EPS by Segment Nine Months Ended September 30 2025 2024 $0.19 $0.04 $0.51 $0.17 $0.50 ($0.02) $0.26 $0.24 Diluted EPS Diluted EPS $3.08 $2.72 $2.08 $1.83 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility NonReg Energy Transmission Othe
Slide 22: Strong Record of Regulated Asset Growth
Strong Record of Regulated Asset Growth $2,500 $2,000 Net PP&E + CWIP ($millions) $1,500 $1,000 $500 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q'2025 22
Slide 23: Electric Utility Mix
Electric Utility Mix Twelve Months Ended December 31, 2024 Electric Retail Revenues Electric Retail Volumes Electric Customers 56% 53% 87% 13% 36% 27% 5% 8% 3% 12% Residential Commercial Industrial Other 23
Slide 24: Gas Utility Mix
Gas Utility Mix Twelve Months Ended December 31, 2024 Gas Revenues Gas Volumes Gas Customers 37% 90% 60% 36% 10% 36% 27% 4% Residential Commercial/Industrial Other 24
Slide 25: ESG – Disclosures
ESG – Disclosures Below are links to ESG information: Corporate Responsibility and Sustainability Report • CDP Climate Change Questionnaire • EEI-AGA Qualitative Template MGE works hard to keep costs an affordable level for • EEI-AGA Quantitative Template all customers. An MGE residential electric c
Slide 26: Thank you.
Thank you. Ken Frassetto Director Shareholder Services and Treasury Management kfrassetto@mge.com | 608-252-4723 P.O. Box 1231 Madison, WI 53701-1231 Learn more at mge.com.