WEC Energy Group, Inc. · NYSE:WEC
WEC Energy — Investor Presentation (November 2026)
51 slides from WEC Energy's investor presentation, Nov 6, 2026
Slide 1: Transforming the Future: Investor Update November 2026
1 TRANSFORMING THE FUTURE Investor Update: November 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information
2 Cautionary Statement Regarding Forward-Looking Information Much of the information contained in this presentation is forward-looking information based upon management’s current expectations and projections that involve risks and uncertainties. Forward-looking information includes, among other thin
Slide 3: A Premier Energy Company in America's Heartland
3 A Premier Energy Company in America’s Heartland * As of Oct. 30, 2026 $38.2B billion market cap* 4.8 million retail customers $53.9 billion of assets 60% ownership of American Transmission Company Ranked first overall in the 2026 E Source Large Business Customer Satisfaction Study
Slide 4: History of Consistent, Strong Earnings and Dividend Growth
4 $1 $2 $3 $4 $5 $6 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E 1. Estimated based on updated 2026 guidance midpoint of $5.62 per share. 2. See Appendix for reconciliation of adjusted amounts to GAAP amounts. $5.60-$5.64 $3.81 $1 $2 $3 $4 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E 3. Annu
Slide 5: Consistent Performance Over Time
5 22 consecutive years of exceeding or meeting top end of earnings guidance* Consistent Performance Over Time *On an adjusted basis
Slide 6: A Compelling Total Shareholder Return Proposition
6 A Compelling Total Shareholder Return Proposition EPS GROWTH1 7-9%+ DIVIDEND YIELD ~3%+ + = TOTAL SHAREHOLDER RETURN 10%++ 1. Growth rate based on $5.56 per share, the midpoint of our original 2026 guidance. 6.5-7% CAGR 60-70% payout ratio2027-2031 CAGR Estimated projections of Total Shareholder R
Slide 7: Strong Dividend Growth Continues
7 Strong Dividend Growth Continues ▪ In January, dividend was raised by 6.7% to a new annual rate of $3.81 per share* ▪ 23rd consecutive year of rewarding shareholders with higher dividends ▪ Top-decile dividend growth in industry** ▪ Included in S&P's High Yield Dividend Aristocrats Index ▪ Expect
Slide 8: What's New? Oak Creek Site Construction
8 What’s New? Oak Creek Site Construction 1,100 MW CTs (left) 2 Bcf LNG storage (right)
Slide 9: 2027-2028 Test Year Wisconsin Rate Review Outcome
9 2027 ─ 2028 Test Year Wisconsin Rate Review Outcome ▪ Authorized return on equity at 9.50% ▪ Equity ratio maintained at 53.0% ▪ Consistent earnings sharing mechanisms ▪ No sharing on first 15 bp above allowed ROE ▪ 50/50 on next 25 bp ▪ 100% to customers beyond 40 bp ▪ Final written order expected
Slide 10: Powering Industry Leaders in Our Region
10 Powering Industry Leaders in Our Region
Slide 11: Longer-Term Sales and Load Growth Remain Strong
11 Longer-Term Sales and Load Growth Remain Strong Wisconsin Segment Year-Over-Year 2029-2031 Electric 6.0%-8.0% Gas 0.5%-0.8% Sales Growth Forecast (weather-normalized) 2026-2031 expecting to add 4.9 GW* (~60%) of electric demand *Includes Microsoft/SE WI 3,200 MW, Oracle 1,300 MW and 400 MW of add
Slide 12: 3.2 GW of Demand Forecasted Through 2031
12 3.2 GW of Demand Forecasted Through 2031 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center ▪ Announced investment of approximately $20 billion ▪ More than 2,200 acres purchased previously, additional 70 acres purchased in October 2026 ▪ First site operations commenced
Slide 13: 1.3 GW of Demand Forecasted Through 2031
13 Strong Regional Growth 1.3 GW of Demand Forecasted Through 2031 Vantage Data Centers is developing a large campus that will be part of OpenAI and Oracle’s partnership for the Stargate expansion: ▪ Four data center buildings under construction on 670 acres with expected investment of $15+ billion
Slide 14: 2027-2031 Capital Plan Key Drivers
14 2027-2031 Capital Plan Capital Plan – Key Drivers ▪ Identified $10.0B of additional investments compared to previous five- year plan: ▪ Generation - $8.4B increase ▪ Transmission - $1.2B increase ▪ Electric distribution - $500M increase ▪ Gas distribution - $500M increase ▪ LNG - $600M decrease
Slide 15: Increasing Five-Year Capital Plan by $10.0 Billion
15 $12.7 $21.2 $7.6 $7.5 $1.3 $0.7 $4.7 $5.2 $7.1 $7.6 $4.1 $5.3 $37.5 $47.5 2026-2030 2027-2031 Electric Transmission (ATC)* Gas Distribution** Electric Distribution WI LNG Capacity Electric Generation-Non- VLC/Bespoke Electric Generation- VLC/Bespoke N e w p la n F o rm e r p la n *ATC is accounte
Slide 16: $47.5 Billion Projected Capital Spend From 2027-2031
16 $47.5 Billion Projected Capital Spend From 2027-2031 Capital Plan Drives EPS Growth 1,981 4,254 5,009 4,650 3,768 3,485 884 1,366 1,524 1,864 1,552 1,133 189 73 16 86 203 360 1,032 1,023 976 1,060 1,093 1,062 1,200 1,692 1,553 1,471 1,434 1,475 904 1,187 1,376 910 921 924 $6,190 $9,595 $10,454 $1
Slide 17: Diverse Portfolio of Businesses
17 Diverse Portfolio of Businesses 63% 14% 4% 9% 10% WI IL MI/MN WECI ATC* By Jurisdiction By Business Based on average asset base. *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the asset base. 2031E Asset Base $72.8 billion2025A Asset Base $34.2 billio
Slide 18: Investing $10.1B in Thermal Generation Fleet and LNG Capacity
18 2027-2031 Capital Plan Investing $10.1B in Our Thermal Generation Fleet and LNG Capacity Rendering of Oak Creek Combustion Turbines and LNG Storage Facility Combined Cycle (CCGT) 750 MW $2.8 billion CTs and RICE Generation 3,540 MW $5.7 billion CCGT Summer Upgrades 200 MW $325 million Coal to Gas
Slide 19: Investing $13.7 Billion in Regulated Renewables
19 Solar 3,100 MW $6.2 billion Battery Storage* 3,450 MW $5.9 billion Wind 600 MW $1.6 billion Grand Total 7,150 MW $13.7 billion Investing $13.7 Billion in Regulated Renewables 2027-2031 Capital Plan Dollars exclude capital spend prior to 2027. *Includes 600 MW distribution BESS.
Slide 20: Future Transmission Investment
20 1,507 1,978 2,293 1,518 1,535 1,541 904 1,187 1,376 911 921 925 2026 2027 2028 2029 2030 2031 ATC WEC portion 60% Capital Drivers*: ▪ Economic Growth ▪ $1.4 billion ▪ LRTP ▪ Tranche 1 ▪ $500 million ▪ Tranche 2 ▪ $700 million ▪ $500 million additional investment expected 2032 and beyond (2025 dol
Slide 21: Illinois Pipe Retirement Program
21 Illinois Pipe Retirement Program (PRP) ▪ Plan to retire over 1,000 miles of older, cast and ductile iron pipe (less than 36 inches in diameter) ▪ Annual investment for pipe replacement expected to ramp up to approach $500 million in 2028 ▪ ICC ordered program to be complete by January 1, 2035
Slide 22: Projected Cash Flows and Financing Plan
22 Projected Cash Flows and Financing Plan ($ in billions) Cash from Operations 3 $26.1 - $27.1 Common Equity $5.1 - $5.5 Dividends $8.6 - $8.8 Capital Plan 1 $42.2 Cash Uses Cash Sources Incremental Debt 2 $18.7 - $19.3 1. Excludes ATC’s capital. ATC is accounted for using the equity method. 2. Inc
Slide 23: Credit Quality: Maintaining a Healthy Balance Sheet
23 Credit Quality — Maintaining a Healthy Balance Sheet Current Issuer Credit Ratings Entity S&P Rating Moody’s Rating WEC Energy Group A- Baa1 Wisconsin Electric A- A2 Wisconsin Gas A A3 Wisconsin Public Service A- A2 Peoples Gas A- A2 FFO/Debt Metrics 2027-2031 WEC Energy Group Target S&P FFO to D
Slide 24: Point Beach Power Purchase Agreement (PPA)
24 Point Beach Power Purchase Agreement (PPA) ▪ Oracle Agreement ▪ Oracle is subscribing to a portion of the PPA throughout the end of the original agreement which is expected to save our customers $300 million in fuel costs through 2033 ▪ The Company is seeking PSCW approval of this agreement ▪ Con
Slide 25: Illinois Rate Reviews
25 Illinois Rate Reviews In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission: ▪ In July, PGL reduced its rate request by $58M to $144M due to rate reduction associated with settlement, certain forecasted construction cost moved to later years, and oth
Slide 26: Coal Generation
26 Coal Generation ▪ Since 2018, we have retired nearly 2,500 MW of fossil fuel generation ▪ Retirements planned: ▪ Oak Creek Units 7-8: 611 MW (targeting end of 2027) ▪ Enhancing fuel flexibility at Oak Creek Power the Future units and Weston Unit 4* ▪ Evaluating the future of Weston 3 and Columbia
Slide 27: Electric Generation Carbon Reduction Tracking
27 *Our long-term goal to achieve net carbon neutral electric generation by 2050 is aligned with global emissions pathways aimed at limiting warming to 1.5°C. Electric Generation Tracking Carbon Reduction -100 -80 -60 -40 -20 0 2005 2025 Achieved CO2 reductions (net mass) -53% Goal*: Net carbon neut
Slide 28: Key Takeaways for WEC Energy Group
28 Key Takeaways for WEC Energy Group ▪ Consistent, strong earnings growth ▪ Top-decile dividend growth ▪ Capital plan supported by economic growth ▪ Drives premium long-term EPS growth of 7.0% to 9.0%+* on a compound annual basis ▪ 100% of capital allocated to regulated businesses ▪ Poised to deliv
Slide 29: Appendix
Appendix We wec Was Energy Group
Slide 30: Business Overview: Transmission, Distribution, Generation, Gas
30 Electric Transmission 60% ownership Electric DistributionElectric Generation Natural Gas Distribution Energy Infrastructure
Slide 31: Wisconsin Very Large Customer (VLC) Tariff Approved
31 Wisconsin Very Large Customer (VLC) Tariff Approved Meets the unique needs of very large customers while protecting other customers and shareholders ▪ Applies to customers with 100 MW or more of forecasted new load ▪ Customer subscribes to a portion of one or more dedicated new generation resourc
Slide 32: Regulated Renewable Generation and Storage Projects: Solar
32 Solar Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Koshkonong Solar Park 5-BS-258 Approved 270 565E WEPCO/ WPS 90%1 2026 High Noon Solar Park 5-BS-276 270 576E 2027 Ursa Solar Park 5-BS-280 180 406E 2028 Saratoga Solar Park 135 314E 2
Slide 33: Battery and Wind Projects
33 Battery Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Darien Battery Park 5-BS-255 Approved 68 140E WEPCO/WPS 90%1 2027 Koshkonong Battery Park 5-BS-258 149 272E 2027 High Noon Battery Park 5-BS-276 149 307E 2027 Saratoga Battery Park
Slide 34: Thermal Generation and Other Projects
34 Project Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Oak Creek CTs 6630-CE-317 Approved 1,100 1,200E WEPCO 100% 2027/2028 Paris RICE generation 6630-CE-316 128 300E 2027 Oak Creek LNG 6630-CG-140 - 456E 2027 Rochester Lateral 6630-CG-139 - 200
Slide 35: Responsible Governance
35 Responsible Governance Appointed six new independent directors since 2020 — increasing depth of utility experience of our board of directors. $24 million Contributed by our companies and foundations to nonprofit organizations in 2025. $324 million Spent with certified minority-, women-, service d
Slide 36: Electricity Supply by Fuel Type
36 73% 33% 7% 36% 17% 21% 3% 10% 2005 2025 2050 Coal Natural Gas Nuclear Renewables Net carbon neutral goal Electricity Supply by Fuel Type (megawatt-hours delivered to regulated utility customers)
Slide 37: Clean Energy Pilot Projects
37 Clean Energy Pilot Projects Investing in Innovation Organic Flow Battery Storage ▪ Leading a pilot project to test a new ‘green battery’ – a form of long-duration energy storage that incorporates environmentally friendly materials ▪ Partnering with EPRI and CMBlu Energy ▪ Project will test batter
Slide 38: WEC Infrastructure Portfolio
38 WEC Infrastructure Portfolio State RTO Total Project Capacity (MW) Investment (in millions) Ownership % Offtake Agreement WEC Commercial Operations Wind Bishop Hill III IL MISO 132 $166 90% WPPI Energy – 22 years 8/31/18 Upstream NE SPP 200 307 90% Affiliate of Allianz – 10 years 1/10/19 Coyote R
Slide 39: Capital Plan Projections
39 Company 2026 2027 2028 Wisconsin Electric – Non-VLC/Bespoke $1,455.5 $1,751.7 $1,729.0 Wisconsin Electric – VLC/Bespoke $2,057.0 $4,300.0 $5,025.0 Wisconsin Gas 243.7 305.8 270.5 Wisconsin Public Service 768.7 913.5 897.3 Upper Michigan Energy 53.8 30.2 32.2 Wisconsin Segment $4,578.7 $7,301.2 $7
Slide 40: Composition of Asset Base
40 Composition of Asset Base Total 2025 Average Asset Base of $34.2 Billion Note: We Power value represents investment book value for lease calculation purposes. Company Asset Base - $B % of Total Wisconsin Electric $10.5 30.7% Wisconsin Gas 2.3 6.7 Wisconsin Public Service 5.2 15.2 Upper Michigan E
Slide 41: Power the Future Investments
41 Power the Future Investments Port Washington (Natural Gas) Oak Creek Expansion (Coal/Co-Fire Gas2) Capacity1 1,090 MW 1,030 MW ROE / Equity 12.7% / 53% 12.7% / 55% 2024 Investment Book Value for Lease Calculation Purposes1 $790 million $2.4 billion Base Lease Term 25 years 30 years Base Lease Ter
Slide 42: Port Washington Power the Future Lease Renewal
42 Port Washington Power the Future Lease Renewal WEPCO filed a $227 million Turbine Upgrade project at Port Washington* Three options: ▪ Renew the lease ▪ First Renewal is 50% of last base term payment for 7 years (Unit 1 – July 2037, Unit 2 – May 2040) ▪ Turbine Project earns 100% of the original
Slide 43: National Leader in Operating Efficiency and Financial Discipline
43 National Leader in Operating Efficiency and Financial Discipline $28.51 $13.40 $18.70 $19.20 $19.50 $20.90 $21.60 $23.90 $26.50 $30.70 $90.70 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2025 Non-Fuel O&M per MWh* Source: FERC Form 1 Reports *For all companies, excluded 1) pensions and other employee b
Slide 44: Long-Term Debt Financing Plan
44 Long-Term Debt Financing Plan *Amounts and timing are subject to material change based upon numerous factors, including market conditions, regulatory approvals, capital requirements and investment opportunities. Issuances may include hybrid securities at the Holding Company and a Department of En
Slide 45: Balanced and Diverse Sales Mix
45 33% Large C&I by Segment Paper/Packaging 24% Mining/Minerals 10% Foundry (SIC 33) 8% Other Manufacturing 8% Medical 7% Metal (SIC 34,35,37) 6% Food/Agriculture 6% Education 4% Chemical 3% Printing 2% Office 2% Data Centers 1% Other 19% Balanced and Diverse Sales Mix Large C&I 33% Residential and
Slide 46: Q4 2026 Regulatory Matters
46 Estimated Decision Date Wisconsin (apps.psc.wi.gov) ▪ Decision on general rate review for new base rates effective 1/1/2027 (Dockets: WE and WG: 5-UR-112 and WPS: 6690-UR-129) ✓* Illinois (icc.illinois.gov) ▪ Decision on general rate review for new base rates effective 1/1/2027 (Dockets: PGL 26-0
Slide 47: Regulatory Environment
47 Regulatory Environment Wisconsin Commissioners Name Party Current Term Starts Current Term Ends Summer Strand Chair D 03/2023 03/2029 Kristy Nieto* D 04/2025 03/2031 Marcus Hawkins* D 04/2024 03/2027 Wisconsin ▪ Governor Tony Evers (D) ▪ Term ends January 2027 ▪ Commission ▪ Gubernatorial appoint
Slide 48: Rate-Making Parameters by Company
48 Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE Wisconsin Electric – non-VLC/Bespoke4 50.50%-55.50% 9.50%2 Wisconsin Electric – VLC/Bespoke 57.00% 10.48%-10.98%3 Wisconsin Public Service4 50.50%-55.50% 9.50% Wisconsin Gas4 50.50%-55.50% 9.50% Peoples Gas 50.79% 9.38% North
Slide 49: Key Rate-Making Components
49 Key Rate-Making Components State Illinois Minnesota Michigan Wisconsin Utility Gas Gas Electric and Gas Gas Electric Gas Pipeline Replacement Rider MGU Bad Debt Rider ✓ Bad Debt Escrow Accounting Residential Residential Decoupling ✓ ✓ Fuel Cost Recovery 1 for 1 recovery of prudent fuel costs +/-
Slide 50: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)
50 Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP) 2015 2016 2017 2023 2024 2025 EPS – GAAP basis $2.34 $2.96 $3.79 $4.22 $4.83 $4.81 Acquisition Costs 0.39 0.01 – Integrys Earnings (0.47) Impact of Additional Shares 0.47 Tax Benefit Related to Tax Cuts and Jobs Act of 2017 (0.65) Illinois D
Slide 51: Contact Information
51 Contact Information M. Beth Straka Senior Vice President – Investor Relations and Corporate Communications Beth.Straka@wecenergygroup.com 414-221-4639 Ashley Pless Investor Relations Analyst Ashley.Pless@wecenergygroup.com 414-221-4088
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