Wec Energy Group, Inc. · NYSE:WEC

Wec Energy — Investor Presentation (August 2025)

49 slides from Wec Energy's investor presentation, Aug 4, 2025

  1. Slide 1: Energizing the Future Investor Update: August 2025

    1 Energizing the Future Investor Update: August 2025

  2. 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

  3. Slide 3: The Premier Energy Company in America's Heartland

    3 The Premier Energy Company in America’s Heartland * As of July 31, 2025 $34.8 billion market cap* 4.7 million retail customers 60% ownership of American Transmission Company $48.5 billion of assets Ranked first overall in the 2024 E Source Large Business Customer Satisfaction Study

  4. 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 '25E * Estimated based on 2025 guidance midpoint of $5.22 per share. ** See Appendix for reconciliation of adjusted amounts to GAAP amounts. $5.17-$5.27 $3.57** $1 $2 $3 $4 '15* '16 '17 '18 '19 '20 '21 '22 '23 '24 '25E * Annualized based on

  5. Slide 5: Consistent and Robust Long Term EPS Growth Outlook

    5 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 2015 2020 2025E 2026 2027 2028 2029 Consistent and Robust Long Term EPS Growth Outlook (1) Growth rate based on 2015 base of $2.73 adjusted EPS and 2025 guidance midpoint of $5.22 per share. (2) Based on 2025 guidance midpoint of $5.22 per share. (3)

  6. Slide 6: Consistent Performance Over Time

    6 21 consecutive years of exceeding or meeting top end of earnings guidance* Consistent Performance Over Time * On an adjusted basis

  7. Slide 7: Strong Dividend Growth Continues

    7 Strong Dividend Growth Continues  In January, dividend was raised by 6.9% to a new annual rate of $3.57 per share.*  22nd consecutive year of rewarding shareholders with higher dividends.  Top-decile dividend growth in industry.**  Included in S&P's High Yield Dividend Aristocrats Index. * Ann

  8. Slide 8: What's New?

    8 What’s New?

  9. Slide 9: Wisconsin Very Large Customer (VLC) Tariff

    9 Wisconsin Very Large Customer (VLC) Tariff Meets the unique needs of very large customers while protecting other customers and shareholders  Applies to customers with 500 MW or more of forecasted new load.  Customer subscribes to a portion of one or more dedicated new generation resources.  Ter

  10. Slide 10: Very Large Customer (VLC) Tariff

    10 Very Large Customer (VLC) Tariff “Microsoft is committed to being a responsible neighbor in Wisconsin. As we continue to develop a $3.3 billion data center campus in Mount Pleasant, the draft tariffs submitted to the Public Service Commission will ensure we are protecting other rate payers, payin

  11. Slide 11: 1,800 MW of Additional Demand through 2029

    11 1,800 MW of Additional Demand through 2029 “The most important thing for people in Wisconsin to know is that we’re fully on track with construction on our data center in Mt. Pleasant, it’s still expected to go online in 2026, and our $3.3 billion commitment remains intact. We are committed to our

  12. Slide 12: Strong Regional Growth: Incremental Data Center Demand

    12 Strong Regional Growth Incremental Data Center Demand* Vantage Data Centers, a global data center developer and operator, plans to develop a large data center campus in Port Washington:  Site potential up to 3.5 GW over time.  Approximately 1,900 acres.  Early stages of development. *Not inclu

  13. Slide 13: Powering Industry Leaders in Our Region

    13 Powering Industry Leaders in Our Region

  14. Slide 14: Wisconsin Segment Longer-Term Sales and Load Growth Remain Strong

    14 Wisconsin Segment Longer-Term Sales and Load Growth Remain Strong* Sales Growth Forecast (weather-normalized) 2025-2029 expecting to add 1,800 MWs (~20%) of electric demand *Does not include incremental sales or load growth from Vantage development. Year-Over-Year 2027-2029 Electric 4.5%-5.0% Gas

  15. Slide 15: Pipe Replacement Program (PRP)

    15 Pipe Replacement Program (PRP)  In February 2025, the ICC lifted the pause and directed Peoples Gas to focus on replacing all cast and ductile iron pipe that has a diameter under 36 inches by January 1, 2035.  The ICC will evaluate the prudency of work and costs in future rate cases.  Approxim

  16. Slide 16: 2025-2029 Capital Plan: Largest Five-Year Plan in Company History

    16 2025-2029 Capital Plan Largest Five-Year Plan in Company History $13.2 $1.4 $4.5 $5.3 $3.2 $0.4 $28.0 2025-2029 WEC Infrastructure (WECI) Electric Transmission (ATC)* Gas Distribution** Electric Distribution WI LNG Capacity Electric Generation $ In billions *ATC is accounted for using the equity

  17. Slide 17: Diverse Portfolio of Businesses

    17 Diverse Portfolio of Businesses 63% 16% 4% 7% 10% WI IL MI/MN WECI ATC* By Jurisdiction By Business 49% 32% 2% 7% 10% Electric generation and distribution Natural gas distribution LNG (distribution and generation) WECI Electric transmission* Based on average asset base. *ATC is accounted for usin

  18. Slide 18: Exiting Coal

    18 Exiting Coal We plan to eliminate coal as an energy source by end of 2032.  Since 2018, we have retired nearly 2,500 MW of fossil fuel generation, including Oak Creek Units 5-6 (May 2024).  Retirements planned:  Oak Creek Units 7-8: 611 MW (targeting end of 2026)*  Columbia Units 1-2: 300 MW

  19. Slide 19: Investing $9.1 Billion in Regulated Renewables

    19 Solar Total 2,900 MW $5.5 billion Battery Storage Total 565 MW $0.9 billion Wind Total 900 MW $2.7 billion Grand Total 4,365 MW $9.1 billion 2025-2029 Plan includes: Plan to build and own 4,300 MW – more than quadrupling our carbon-free generation. Investing $9.1 Billion in Regulated Renewables

  20. Slide 20: Modernizing Our Gas-Fueled Generation Fleet

    20 Modern, efficient natural gas generation serves as a critical resource in our energy transformation. 2025-2029 Capital Plan Modernizing Our Gas-Fueled Generation Fleet Weston RICE * Filed and pending regulatory approval. Combustion Turbines Approved: Oak Creek  1,100 MW planned  Expected invest

  21. Slide 21: Investing in Reliability for Our Natural Gas Network

    21 LNG provides a solution to meet peak customer demand for heating and ensures gas supply for power generation. Investing in Reliability for Our Natural Gas Network New proposed LNG storage facilities are needed to ensure gas supply for winter reliability.  Approved: Oak Creek LNG facility  2 Bcf

  22. Slide 22: Future Transmission Investment

    22 $812 $908 $1,133 $1,250 $1,250 $487 $545 $680 $750 $750 2025 2026 2027 2028 2029 ATC WEC portion 60% WEC portion of ATC investment expected from 2025-2029: $3.2 billion Future Transmission Investment Capital Drivers:  Economic Growth  Reliability / Asset Renewal  LRTP Tranche 1 in 2024 dollars

  23. Slide 23: ATC Future Transmission Investment

    23 ATC Future Transmission Investment (2024 dollars) Long-Range Transmission Planning Tranche 2.1  $2.0 billion – Estimate for projects ATC expects to be directly assigned.  $1.8 billion – Estimate for projects in/connected to ATC’s footprint open to competition.

  24. Slide 24: Projected Cash Flows and Financing Plan

    24 Projected Cash Flows and Financing Plan ($ in billions) Cash from Operations $18.5 - $19.5 (60%) Common Equity $2.7 - $3.2 (9%) Dividends $6.8 - $7.0 Capital Plan $24.8 Cash Uses Cash Sources Incremental Debt 2 $9.5 - $10.0 (31%) 1. Excludes ATC’s capital. ATC is accounted for using the equity me

  25. Slide 25: Credit Quality – Maintaining a Healthy Balance Sheet

    25 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 2025-2029 WEC Energy Group Target S&P FFO to D

  26. Slide 26: Carbon Reduction Goal – Electric Generation

    26 * Includes projection of potential carbon offsets by 2050. ** We are reconsidering our near-term goals due to a combination of factors, including tightened energy supply requirements in the Midwest power market and the need to serve our customers with safe, reliable and affordable energy. However

  27. Slide 27: Key Takeaways for WEC Energy Group

    27 Key Takeaways for WEC Energy Group  Consistent, industry leading earnings growth.  Top-decile dividend growth.  Capital plan supported by economic growth.  Drives premium long-term EPS growth of 6.5% to 7.0%.  98%+ of capital allocated to regulated businesses.  Aggressive environmental goal

  28. Slide 28: Appendix

    Appendix WEC Vs Energy Group

  29. Slide 29: Energy Infrastructure

    29 Electric Transmission 60% ownership Energy Infrastructure Electric DistributionElectric Generation Natural Gas Distribution

  30. Slide 30: Solar Projects

    30 Solar Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Darien Solar Park 5-BS-255 Approved 225 427E WEPCO/ WPS 90%1 In-Service Koshkonong Solar Park 5-BS-258 270 621E 2026 High Noon Solar Park 5-BS-276 270 576E 2027 Ursa Solar Park 5-BS-2

  31. Slide 31: Battery and Wind Projects

    31 Battery Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Paris Battery Park 5-BS-254 Approved 99 223E WEPCO/WPS 90%1 In-Service Darien Battery Park 5-BS-255 68 140E 2026 Koshkonong Battery Park 5-BS-258 149 309E 2027 High Noon Battery Par

  32. Slide 32: Commitment to Stewardship and Governance

    32 Responsible Governance Appointed six new independent directors since 2020 — increasing depth of utility experience of our board of directors. $20+ million Contributed by our companies and foundations to nonprofit organizations in 2024. $332.4 million Spent with certified minority-, women-, servic

  33. Slide 33: Exiting Coal: Electricity Supply by Fuel Type

    33 73% 31% 7% 40% 43% 17% 21% 21% 3% 8% 34% 2005 2024 2030E 2032 2050 Coal Natural Gas Nuclear Renewables <2% Net carbon neutral goal Planned exit from coal Exiting Coal Electricity Supply by Fuel Type (megawatt-hours delivered to regulated utility customers)

  34. Slide 34: Clean Energy Pilot Projects

    34 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 batte

  35. Slide 35: WEC Infrastructure Portfolio

    35 In service 1. Investment is part of the 2025-2029 capital plan. Total Project Capacity (MW) Investment (in millions) Wind ● Upstream 200 $307 ● Bishop Hill III 132 166 ● Coyote Ridge 97 145 ● Blooming Grove 250 389 ● Tatanka Ridge 155 240 ● Jayhawk 190 282 ● Thunderhead 300 381 ● Sapphire Sky 250

  36. Slide 36: Project Ownership and Offtake Agreements

    36 Project Ownership Percentage Offtake Agreement WEC Commercial Operations Bishop Hill III Wind Energy Center 90% ownership WPPI Energy – 22 years 8/31/18 Upstream Wind Energy Center 90% ownership Affiliate of Allianz – 10 years 1/10/19 Coyote Ridge Wind Farm 82% ownership and 99% of tax benefits G

  37. Slide 37: Utility Capital Plan Drives EPS Growth

    37 $27.6 Billion Projected Capital Spend From 2025-2029 Utility Capital Plan Drives EPS Growth 2,550 2,610 2,854 2,611 2,560 243 299 529 345 940 943 840 877 925 998 1,118 1,179 963 1,085 487 545 680 750 750 $5,218 $5,515 $6,082 $5,546 $5,320 - 1,000 2,000 3,000 4,000 5,000 6,000 2025 2026 2027 2028

  38. Slide 38: Capital Plan Projections

    38 Company 2025 2026 2027 Wisconsin Electric $3,047.3 $3,281.2 $3,501.6 Wisconsin Gas 216.0 283.9 288.8 Wisconsin Public Service 801.8 806.4 1,063.5 Upper Michigan Energy 137.3 39.2 19.3 Wisconsin Segment $4,202.4 $4,410.7 $4,873.2 Peoples Gas 321.6 343.5 322.8 North Shore Gas 52.1 61.3 46.9 Illinoi

  39. Slide 39: Composition of Asset Base

    39 Composition of Asset Base Total 2024 Average Asset Base of $30.8 Billion Note: We Power value represents investment book value. Company Asset Base - $B % of Total Wisconsin Electric $9.0 29.2% Wisconsin Gas 2.2 7.1 Wisconsin Public Service 4.8 15.6 Upper Michigan Energy Resources 0.4 1.3 Peoples

  40. Slide 40: Power the Future Investments

    40 Power the Future Investments1 Port Washington (Natural Gas) Oak Creek Expansion (Coal/Co-Fire Gas3) Capacity 1,090 MW 1,030 MW 2 Investment $664 million $2 billion 2 ROE 12.7% 12.7% Equity 53% 55% In Service Dates Unit 1 – July 2005 Unit 2 – May 2008 Unit 1 – February 2010 Unit 2 – January 2011 L

  41. Slide 41: National Leader in Operating Efficiency and Financial Discipline

    41 National Leader in Operating Efficiency and Financial Discipline $29.69 $11.90 $16.80 $19.60 $20.00 $20.00 $23.00 $23.80 $25.60 $26.10 $50.20 $89.60 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2024 Non-Fuel O&M per MWh* Source: FERC Form 1 Reports *For all companies, excluded 1) pensions and other emp

  42. Slide 42: Projected Financing Plans for 2025

    42 Projected Financing Plans for 20251 $900 $245 $425 $400 - $800 $1,400 - $1,800 $275 - $375 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Holding Company Utilities & Energy Infrastructure Equity Issuances (i n m ill io n s ) YTD Financing Planned Financing Existing Facilities4 $

  43. Slide 43: Balanced and Diverse Sales Mix

    43 33% Large C&I by Segment Paper/Packaging 25% Mining/Minerals 11% Foundry (SIC 33) 9% Other Manufacturing 8% Metal (SIC 34,35,37) 7% Medical 7% Food/Agriculture 6% Education 4% Chemical 3% Printing 3% Office 2% Other 15% Balanced and Diverse Sales Mix Large C&I 33% Residential and Farm 31% Small C

  44. Slide 44: 2026 Regulatory Matters

    44 Estimated Decision Date Wisconsin (apps.psc.wi.gov)  Decision on Paris RICE generation (Docket: 6630-CE-316 filed 4/5/24)   Decision on Oak Creek CT (Docket: 6630-CE-317 filed 4/5/24)   Decision on Oak Creek LNG (Docket: 6630-CG-140 filed 4/19/24)   Decision on Rochester Lateral (Docket: 6

  45. Slide 45: Regulatory Environment

    45 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

  46. Slide 46: Rate-Making Parameters by Company

    46 Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE Wisconsin Electric 50.50%-55.50% 9.80% Wisconsin Public Service 50.50%-55.50% 9.80% Wisconsin Gas 50.50%-55.50% 9.80% Peoples Gas 50.79% 9.38% North Shore Gas 52.58% 9.38% Minnesota Energy Resources 53.00% 9.65% Michigan Gas U

  47. Slide 47: Key Rate-Making Components

    47 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 +/-

  48. Slide 48: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)

    48 Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP) 2015 2016 2017 2023 2024 EPS – GAAP basis $2.34 $2.96 $3.79 $4.22 $4.83 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 Disallowance

  49. Slide 49: Contact Information

    49 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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