Mge Energy Inc. · NASDAQ:MGEE
Mge Energy — Investor Presentation (February 2026)
33 slides from Mge Energy's investor presentation, Feb 27, 2026
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 ~170,000 customers located in the city of Madison and adjacent areas * 87% residential; 13% commercial or industrial * Accounts for ~72% of regulated revenue e Natural ga
Slide 5: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share Dividends Per Share $4.00 $2.00 50 Consecutive Years of Dividend Growth $3.00 $1.50 $2.00 $1.00 $1.00 $0.50 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 CAGR calculated from base year ended 12/31/2020 ENERGY.
Slide 6: 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 7: Potential to Attract and Serve New Large-Load Customers
Potential to Attract and Serve New Large-Load Customers MGE continues to evaluate the impacts of serving potential new large-load customers, including data-intensive and technology-driven operations seeking reliable and scalable electric service. + Favorable Location Access to robust regional transm
Slide 8: Updated Five-Year Capital Plan
= BK $0.1 $1.2 $ in billions Former Plan: Nov 2024 Updated Five-Year Capital Plan (2026 - 2030) Capital Plan | $0.5 billion (+36%) Increase Since Late 2024 $1.7 + Additional electric generation and storage project announcements and regulatory approvals, net of completions + Increased investment in e
Slide 9: Capital Program Focused on Reliability and Sustainability
Capital Program Focused on Reliability and Sustainability Projected Capital Expenditures Total $1.9 billion” $600 $580 Includes ~$203 million RockGen Purchase $500 $400 $315 $ millions ” e 3 s $200 $100 $0 2026 2027 2028 2029 2030 3 i Electric Utility BB Gas Utility BE Nonregulated Q See Cautionary
Slide 10: Acquisition of Joint Interest in RockGen Energy Center
Acquisition of Joint Interest in RockGen Energy Center MGE to acquire 168 MW (33.4%) of the RockGen natural gas-fired plant from Dairyland Power Cooperative * $203 million transaction expected to close in late 2027, subject to PSCW approval * Cost-effective natural gas plants add needed reliability
Slide 11: Balanced Funding Approach for Capital Investment Plan
Balanced Funding Approach for Capital Investment Plan Backed by solid balance sheet and strong cash flows Sources of Funding a 2026-2027 Financing Plan Supports Financing capital investments with internally generated cash flow anda balance of new debt and common equity Debt? External financing mix t
Slide 12: Clean Energy Investments
12 Clean Energy Investments Driving Growth MGE Renewable and Battery Storage Projects Wisconsin e Superior Solar 1S MW (2028) Michigan © Fox Solar 10 Mw (2028) Rosiere Wind Farm 1 MW 01999) 8 Two Creeks Solar 50 MW (2020) ‘Akron Solar 20 MW (2029) t pees a Minnesota __ ? lowa “f Top of iowa Wind Far
Slide 13: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE MGE MGE Estinnatodl Solar Projects Nameplate Investment Ownership eee Capacity (sy Interest as J Sunnyside! Solar 20 MW $428 100% 2026 Koshkonong! Solar 30 MW $692.5 10% 2026 High Noon! Solar 30 MW $648 10% 2027 Ursa! Solar 20 MW $462 10% 2027 Dawn Harv
Slide 14: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE MGE MGE Estimated Storage Projects Nameplate Investment Ownership eames Capacity (my? Interest Darien'4 Battery 7.5 MW. $1835 10% 2026 Sunnyside! Battery 40 MW $708 100% 2026 Koshkonong! Battery 16.5 MW $2535 10% 2027 High Noon! Battery 16.5 MW $362 10%
Slide 15: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE MGE MGE ees Wind Projects Nameplate Investment Ownership Romene Capacity (sm? Interest Badger Hollow! Wind 11.2 MW $36 10% 2027 Whitetail! Wind 67 MW $23 10% 2027 Forward Repower' Wind 18 MW $142 13% 2027 MGE MGE MGE ei Natural Gas Projects Nameplate In
Slide 16: Constructive Regulatory Environment
16 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
Slide 17: PSCW Regulators
PSCW Regulators WISCONSIN COMMISSIONERS PARTY TERM BEGAN TERM ENDS 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 18: 2026/2027 Rate Case Outcomes
18 2026/2027 Rate Case Outcomes TERMS ($000s where applicable) Average Electric Rate Base Average Gas Rate Base Average Common Stock Equity Regulatory Equity Layer Authorized ROE" Increase in Base Rates APPROVED 2026 TY 2027 TY $1,346,269 $1,537,938 $375,594 $393,558 $1,115,375 $1,180,204 56.09% 56.
Slide 19: Customer Affordability
19 Customer Affordability Average residential electric customer bill as percentage of Wisconsin median household income’ 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 2014 2015 2016 2017 — MGE See slides 31-32 for endnotes. 2018 2019 2020 2021 2022 2023 2024 - - Wisconsin Peer Average MGE works hard to keep c
Slide 20: Strong Credit Ratings
20 Strong Credit Ratings’ S&P (UTILITY RATINGS) MOODY'S (UTILITY RATINGS) * Effective management of regulatory risk * Credit supportive regulatory environment and natural gas distribution operations * Healthy service territory with limited industrial exposure * Focus on regulated vertically integrat
Slide 21: Transmission Investment Outlook
Transmission Investment Outlook ATC 2026-2030 Projected Capital Expenditures Total $6.9 billion MGE Energy anticipates material transmission investment opportunities later this ATC Projected Capital Expenditures decade through ATC. $1,493 $1,502 + MGE Energy holds 3.6% equity ownership interest in A
Slide 22: 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 affordability. The company continues to work toward
Slide 23: Natural Gas Distribution - Emissions Reductions Beyond Carbon
23 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 24: APPENDIX
APPENDIX
Slide 25: Fourth Quarter EPS by Segment
25 Fourth Quarter EPS by Segment Three Months Ended December 31 2025 $0.07 ov” i = ($0.05 ) Diluted EPS Diluted EPS. ozs $0.22 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility 2024 $0.08 3017 80.00 Gas Utility NonReg Energy Transmission Other $0.61 MGE Energy
Slide 26: Full Year EPS by Segment
Full Year EPS by Segment Twelve Months Ended December 31 Diluted EPS. 26 $2.35 Electric Utility 2025 $0.26 $0.68 [I 0.01) $0.44 L Gas Utility NonReg Energy Transmission Other $3.72 MGE Energy Diluted EPS. $2.06 Electric Utility 2024 $0.25 $0.66 I (0.02) Gas Utility NonReg Energy Transmission Other $
Slide 27: Strong Record of Regulated Asset Growth
27 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 2025 ENERGY.
Slide 28: Electric Utility Mix
28 Electric Utility Mix Twelve Months Ended December 31, 2025 Electric Retail Revenues Electric Retail Volumes @ Residential = Commercial © Industrial Electric Customers ™ Other ENERGY.
Slide 29: Gas Utility Mix
29 Gas Utility Mix Gas Revenues Twelve Months Ended December 31, 2025 Gas Volumes @ Residential = Commercial/Industrial | Other Gas Customers ENERGY.
Slide 30: ESG - Disclosures
ESG - Disclosures Below are links to ESG information: Corporate Responsibility and Sustainability Report CDP Climate Change Questionnaire EEI-AGA Quantitative Template EEO-1 Data Report Task Force on Climate-Related Financial Disclosures Report Code of Ethics Occupational Health and Safety Policy MG
Slide 31: Endnotes
Endnotes: 4 Property, plant and equipment, net 2. Acredit rating is not a recommendation to buy, sell or hold securities and may be lowered or withdrawn by the rating agency at any time 1. Forecasted and actual capital expenditures do not include Allowance for Funds Used During Construction (AFUDC).
Slide 32: Endnotes
Endnotes: 1. Approved by the PSCW 2. Excluding AFUDC 3. MGE received PSCW approval to recover 100% AFUDC 4. Pending regulatory approval 5. In February 2026, MGE executed an asset purchase agreement to acquire 33.34% ownership interest in the Rockgen Energy Center, an existing natural gas-fired gener
Slide 33: 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.