Mge Energy Inc. · NASDAQ:MGEE
Mge Energy — 2026 AGA Financial Forum
33 slides from Mge Energy's conference presentation, May 17, 2026
Slide 1: AGA Financial Forum
Leading a powerful clean energy transition BY a tay ag a LEE Y
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 Forecasted capital investment of ~$1.9B from 2026 through 2030 • Electric service to ~170,000 customers located in • 50 consecutive years of dividend increases
Slide 5: Core Businesses Aligned to Pure Play Regulated Utility Strategy
Core Businesses Aligned to Pure Play Regulated Utility Strategy Madison Gas and Nonregulated Transmission Energy Investment All Others3 Electric Company (3) (Leased Generation)1 (ATC)2 Regulated electric and natural gas utility (~75% of 2025 net income) Non-regulated generation resources providing e
Slide 6: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share Dividends Per Share $3.72 $1.85 $1.76 $3.33 $1.67 $3.25 $1.59 $3.07 $1.52 $2.92 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 50 Consecutive Years of Dividend Growth 6 See slides 31-32 for endnotes.
Slide 7: 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 • Sev
Slide 8: Constructive Regulatory Environment
Constructive Regulatory Environment • Forward-looking test years • Historical approval of various expense deferrals • Fuel Rules (2% bandwidth) and Gas Cost Recovery Mechanism • Preapproval from regulator for major construction projects • Current return on 50% of Construction Work in Progress (CWIP)
Slide 9: 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 10: 2026/2027 Rate Case Outcomes
2026/2027 Rate Case Outcomes TERMS APPROVED ($000s where applicable) 2026 TY 2027 TY2 Average Electric Rate Base $1,346,269 $1,537,938 Average Gas Rate Base $375,594 $393,558 Average Common Stock Equity $1,115,374 $1,180,187 Regulatory Equity Layer 56.09% 56.05% Authorized ROE1 9.80% 9.80% 0.15% Ele
Slide 11: Capital Program Focused on Reliability and Sustainability
Capital Program Focused on Reliability and Sustainability 1 Projected Capital Expenditures $600 $580 Includes ~$203 million RockGen Purchase $395 $400 ($ millions) $300 $310 $315 $200 $0 2026 2027 2028 2029 2030 2 Electric Utility Gas Utility Nonregulated Total 5-Year Capital Expenditures: $1.9 bill
Slide 12: 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 • $203 million transaction expected to close in late 2027, subject to PSCW approval • Cost-effective natural gas plants add needed reliability
Slide 13: Balanced Funding Approach for Capital Investment Plan
Balanced Funding Approach for Capital Investment Plan Backed by Solid Balance Sheet and Strong Cash Flows Financing capital investments with internally generated cash flow and a balance of new debt and common equity • Financing mix to support MGE’s authorized equity layer • 100% of equity needs thro
Slide 14: Clean Energy Investments Driving Growth
Clean Energy Investments Driving Growth 14
Slide 15: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE Anticipated MGE MGE Anticipated Anticipated Project Source Nameplate Investment Ownership Approval In-Service Date Capacity ($M)1 Interest Sunnyside Solar 20 MW $422 100% Approved 2026 Koshkonong Solar 30 MW $632,3 10% Approved 2026 High Noon Solar 30 M
Slide 16: Expanding Generation and Storage Portfolio
Expanding Generation and Storage Portfolio MGE Anticipated MGE MGE Anticipated Anticipated Project Source Nameplate Investment Ownership Approval In-Service Date Capacity ($M)1 Interest Sunnyside Battery 40 MW $702 100% Approved 2026 Darien Battery 7.5 MW $182,3 10% Approved 2027 Koshkonong Battery
Slide 17: Customer Affordability
Customer Affordability Average residential electric customer bill as percentage of Wisconsin median household income1,2 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%
Slide 18: Strong Credit Ratings
Strong Credit Ratings 1 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 St
Slide 19: 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 20: 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 21: Appendix
APPENDIX ENERGY.
Slide 22: First Quarter EPS by Segment
First Quarter EPS by Segment Three Months Ended March 31 2026 2025 $0.07 $0.00 $0.17 $0.06 $0.38 $0.16 ($0.01 ) $0.38 Diluted EPS Diluted EPS $1.32 $1.14 $0.70 $0.55 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility NonReg Energy Transmission Other
Slide 23: Full Year EPS by Segment
Full Year EPS by Segment Twelve Months Ended December 31 2025 2024 $0.26 $0.68 ($0.01 ) $0.25 $0.66 ($0.02) $0.44 $0.38 Diluted EPS Diluted EPS $3.72 $3.33 $2.35 $2.06 Electric Utility Gas Utility NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility NonReg Energy Transmission Oth
Slide 24: Strong Record of Regulated Asset Growth
Strong Record of Regulated Asset Growth $3,000 $2,500 Net PP&E + CWIP ($millions) $2,000 $1,500 $1,000 $500 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q 24
Slide 25: Electric Utility Mix
Electric Utility Mix Twelve Months Ended December 31, 2025 Electric Retail Revenues Electric Retail Volumes Electric Customers 56% 88% 52% 38% 28% 5% 8% 11% 12% 2% Residential Commercial Industrial Other 25
Slide 26: Gas Utility Mix
Gas Utility Mix Twelve Months Ended December 31, 2025 Gas Revenues Gas Volumes Gas Customers 37% 90% 38% 59% 10% 37% 26% 3% Residential Commercial/Industrial Other 26
Slide 27: Allowance for Funds Used During Construction (AFUDC)
Allowance for Funds Used During Construction (AFUDC) AFUDC-Eligible Projects Anticipated MGE Anticipated Anticipated Source Excluded from Rate Case Investment ($M)1 Approval In-Service Badger Hollow Wind $36 Approved 2027 Columbia Energy Dome Storage $222 Approved 2027 Dawn Harvest Solar $34 Approve
Slide 28: Leased Generation Facility Investments
Leased Generation Facility Investments Elm Road West Campus Generating Cogeneration Facility Station (WCCF)1 (ERGS)2,3 Fuel Type Natural Gas Coal Capacity Owned by MGE Energy 157 MW 106 MW Lease Agreement Equity Ratio / ROE 53.0% / 12.1% 55.0% / 12.7% Base Lease Term 30 Years 30 Years Unit 1: 2040 B
Slide 29: Transmission Investment Outlook
Transmission Investment Outlook MGE Energy anticipates material transmission investment opportunities later this decade through American Transmission Company (ATC) driven by investments in asset renewal, Midcontinent Independent System Operator (MISO) Long Range Transmission Plan, distribution and g
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 MGE works hard to keep costs an affordable level for EEO-1 Data Report all customers. An MGE residential electric customer Task Forc
Slide 31: Endnotes
Endnotes: Slide Notes 1. Customer and revenue mix as of December 31, 2025. 2. A credit rating is not a recommendation to buy, sell or hold securities and may be lowered or withdrawn by the rating agency at any time. 4 3. Compound annual growth rate (CAGR) of earnings per share refers to the period b
Slide 32: Endnotes
Endnotes: Slide Notes 1. Excluding AFUDC 2. MGE received PSCW approval to recover 100% AFUDC 3. Estimated costs are expected to exceed PSCW previously approved CA levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the
Slide 33: 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.