Wec Energy Group, Inc. · NYSE:WEC
Wec Energy — Investor Presentation (September 2026)
53 slides from Wec Energy's investor presentation, Sep 4, 2026
Slide 1: Transforming the Future: Investor Update, September 2026
1 TRANSFORMING THE FUTURE Investor Update: September 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 Aug. 31, 2026 $34.6 billion market cap* 4.8 million retail customers $52.8 billion of assets 60% ownership of American Transmission Company Ranked first overall in the 2025 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 2026 guidance midpoint of $5.56 per share. 2. See Appendix for reconciliation of adjusted amounts to GAAP amounts. $5.51-$5.61 $3.81 $1 $2 $3 $4 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E 3. Annualized b
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: Robust Long-Term EPS Growth Outlook
6 $5.22 2025 2026 2027 2028 2029 2030 Robust Long-Term EPS Growth Outlook 1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance.
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: Point Beach Power Purchase Agreement Extension
9 Point Beach Power Purchase Agreement (PPA) Extension ▪ WEC entered into an agreement with NextEra to extend the Point Beach PPA for ~1GW of carbon-free capacity ▪ Unit 1 extended from Oct 2030 to Oct 2050 ▪ Unit 2 extended from Mar 2033 to Mar 2053 ▪ The PPA extension is expected to result in savi
Slide 10: Wisconsin Very Large Customer Tariff Approved
10 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 11: Wisconsin Rate Reviews
11 Wisconsin Rate Reviews On April 1, Wisconsin Electric, Wisconsin Gas and Wisconsin Public Service filed applications with the state Public Service Commission In 2027, we’ll focus our investment on: ▪ Building infrastructure needed to support jobs and economic growth in Wisconsin ▪ Enhancing relia
Slide 12: Wisconsin Rate Review Summary
12 Wisconsin Rate Review Summary Wisconsin Electric Wisconsin Gas Wisconsin Public Service Electric Natural Gas Natural Gas Electric Natural Gas Current ROE 9.8% 9.8% 9.8% 9.8% 9.8% Current Equity Ratio 53.0% 53.0% 53.0% 53.0% 53.0% Proposed ROE 9.9% 9.9% 9.9% 9.9% 9.9% Proposed Equity Ratio 53.5% 5
Slide 13: Illinois Rider Settlement Approved
13 Illinois Rider Settlement Approved The Illinois Commerce Commission (ICC) approved the settlement agreement among Peoples Gas (PGL), North Shore Gas (NSG), the Illinois Attorney General, CUB, and ICC Staff to resolve all issues related to 12 open dockets for a total of approximately $2.3 billion,
Slide 14: Illinois Rate Reviews
14 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 15: Powering Industry Leaders in Our Region
15 Powering Industry Leaders in Our Region
Slide 16: Longer-Term Sales and Load Growth Remain Strong
16 Longer-Term Sales and Load Growth Remain Strong Wisconsin Segment Year-Over-Year 2028-2030 Electric 6.0%-8.0% Gas 0.7%-1.0% Sales Growth Forecast (weather-normalized) 2026-2030 expecting to add 3.9 GW (~45%) of electric demand
Slide 17: 2.6 GW of Demand Forecasted through 2030
17 2.6 GW of Demand Forecasted through 2030 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center ▪ Announced investment of $20+ billion ▪ $7.3 billion – Phase 1 and 2 ▪ $13 billion - Additional ▪ Building 15 additional data centers beyond Phase 1 and 2 ▪ More than 2,200 acre
Slide 18: Strong Regional Growth: 1.3 GW of Demand Forecasted
18 Strong Regional Growth 1.3 GW of Demand Forecasted through 2030 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 19: Largest Five-Year Capital Plan in Company History
19 $20.3 $1.3 $4.7 $7.1 $4.1 $37.5 2026-2030 Electric Transmission (ATC)* Gas Distribution** Electric Distribution WI LNG Capacity Electric Generation *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the investment. ** Includes all gas utilities and Bluewa
Slide 20: $37.5 Billion Projected Capital Spend 2026-2030
20 $37.5 Billion Projected Capital Spend From 2026-2030 Capital Plan Drives EPS Growth Depreciation at utilities expected to average $1.6 billion annually, and $190 million at ATC, over 2026-2030 period *ATC is accounted for using the equity method; this represents WEC Energy Group’s portion of the
Slide 21: Diverse Portfolio of Businesses
21 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. 2030E Asset base $59.6 billion2025A Asset base $34.2 billio
Slide 22: Investing $12.6 Billion in Regulated Renewables
22 Solar 3,850 MW $7.9 billion Battery Storage 2,130 MW $2.9 billion Wind 555 MW $1.8 billion Grand Total 6,535 MW $12.6 billion Investing $12.6 Billion in Regulated Renewables 2026-2030 Capital Plan Dollars exclude capital spend outside of 2026-2030.
Slide 23: Investing $7.4B in Thermal Generation Fleet and LNG Capacity
23 2026-2030 Capital Plan Investing $7.4B in Our Thermal Generation Fleet and LNG Capacity Rendering of Oak Creek Combustion Turbines and LNG Storage Facility Combustion Turbines 3,300 MW $5.2 billion RICE Generation 180 MW $240 million CCGT Summer Upgrades 150 MW $280 million Coal to Gas Conversion
Slide 24: Future Transmission Investment
24 $1,095 $1,337 $1,477 $1,493 $1,502 $657 $802 $886 $896 $901 2026 2027 2028 2029 2030 ATC WEC portion 60% Capital Drivers*: ▪ Economic Growth ▪ $1.4 billion ▪ LRTP ▪ Tranche 1 ▪ $700 million ▪ Tranche 2 ▪ $400 million ▪ $800 million additional investment expected 2031 and beyond (2024 dollars) WEC
Slide 25: Pipe Retirement Program
25 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 $500 million in 2028 ▪ ICC ordered program to be complete by January 1, 2035 Illinois
Slide 26: Projected Cash Flows and Financing Plan
26 Projected Cash Flows and Financing Plan ($ in billions) Cash from Operations $20.5 - $21.5 Common Equity $5.3 - $5.7 Dividends $7.6 - $7.8 Capital Plan 1 $33.3 Cash Uses Cash Sources Incremental Debt 2 $14.2 - $14.8 1. Excludes ATC’s capital. ATC is accounted for using the equity method. 2. Inclu
Slide 27: Credit Quality: Maintaining a Healthy Balance Sheet
27 Credit Quality — Maintaining a Healthy Balance Sheet Current Issuer Credit Ratings Entity S&P Rating Moody’s Rating WEC Energy Group A- Baa1 Wisconsin Electric A- A2 Wisconsin Gas A A3 Wisconsin Public Service A- A2 Peoples Gas A- A2 FFO/Debt Metrics 2026-2030 WEC Energy Group Target S&P FFO to D
Slide 28: Coal Generation
28 Coal Generation ▪ Since 2018, we have retired nearly 2,500 MW of fossil fuel generation ▪ Retirements planned: ▪ Oak Creek Units 7-8: 611 MW (targeting end of 2027)* ▪ Weston Unit 3: 328 MW (expected end of 2031) ▪ Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units and
Slide 29: Tracking Carbon Reduction
29 * We have paused our near-term reduction goals due to a combination of factors, including tightened energy supply requirements in the Midwest power market and the need to serve our customers with reliable and affordable energy. However, our long-term goal to achieve net carbon neutral electric ge
Slide 30: Key Takeaways for WEC Energy Group
30 Key Takeaways for WEC Energy Group ▪ Consistent, strong earnings growth ▪ Top-decile dividend growth ▪ Capital plan supported by economic growth ▪ Drives premium long-term EPS growth of 7.0% to 8.0% on a compound annual basis ▪ 100% of capital allocated to regulated businesses ▪ Poised to deliver
Slide 31: Appendix
Appendix We wec Was Energy Group
Slide 32: Electric Transmission, Distribution, Generation and Gas Businesses
32 Electric Transmission 60% ownership Electric DistributionElectric Generation Natural Gas Distribution Energy Infrastructure
Slide 33: Regulated Renewable Generation and Storage: Solar Projects
33 Solar Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($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 2027 Saratoga Solar Park 135 314E 2
Slide 34: Battery and Wind Projects
34 Battery Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Darien Battery Park 5-BS-255 Approved 68 140E WEPCO/WPS 90%1 2027 Koshkonong Battery Park 5-BS-258 149 272E 2027 High Noon Battery Park 5-BS-276 149 307E 2027 Saratoga Battery Park
Slide 35: Thermal Generation and Other Projects
35 Project Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($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 36: Responsible Governance
36 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 37: Exiting Coal: Electricity Supply by Fuel Type
37 73% 33% 7% 36% 55% 17% 21% 17% 3% 10% 27% 2005 2025 2030E 2032 2050 Coal Natural Gas Nuclear Renewables 1% Net carbon neutral goal Planned exit from coal Exiting Coal Electricity Supply by Fuel Type (megawatt-hours delivered to regulated utility customers)
Slide 38: Clean Energy Pilot Projects
38 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 39: WEC Infrastructure Portfolio
39 In service 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 250 442 Solar ● Samson I 250 278 ● Maple Flats 250 431 ●
Slide 40: Project Ownership and Offtake Agreements
40 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
Slide 41: Capital Plan Projections
41 Company 2026 2027 2028 Wisconsin Electric $3,212.1 $4,670.5 $4,666.0 Wisconsin Gas 257.5 296.3 257.7 Wisconsin Public Service 706.3 959.0 999.4 Upper Michigan Energy 47.1 26.7 26.6 Wisconsin Segment $4,223.0 $5,952.5 $5,949.7 Peoples Gas 512.7 680.7 700.0 North Shore Gas 53.9 57.7 44.0 Illinois S
Slide 42: Composition of Asset Base
42 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 43: Power the Future Investments
43 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 44: Port Washington Power the Future Lease Renewal
44 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 45: National Leader in Operating Efficiency and Financial Discipline
45 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 46: Projected Financing Plans for 2026
46 Projected Financing Plans for 20261 $400 $ 2,050 $1,600 - $2,200 $100 - $500 $900 - $1,100 $0 $500 $1,000 $1,500 $2,000 $2,500 Holding Company Utilities & Energy Infrastructure Equity Issuances (i n m ill io n s ) Completed Financing Planned Financing Existing Facilities $2.3B net liquidity (as o
Slide 47: Balanced and Diverse Sales Mix
47 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 48: Regulatory Matters
48 Estimated Decision Date Wisconsin (apps.psc.wi.gov) ▪ Decision on Very Large Customer Tariff (Docket: 6630-TE-113 filed 3/31/25) ▪ 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) Q4 2026 Illinois (icc.illinois.gov) ▪ Deci
Slide 49: Regulatory Environment
49 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 50: Rate-Making Parameters by Company
50 Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE Wisconsin Electric – non-VLC/Bespoke 50.50%-55.50% 9.80%2 Wisconsin Electric – VLC/Bespoke 57.00% 10.48%-10.98%3 Wisconsin Public Service 50.50%-55.50% 9.80% Wisconsin Gas 50.50%-55.50% 9.80% Peoples Gas 50.79% 9.38% North Sho
Slide 51: Key Rate-Making Components
51 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 52: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)
52 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 53: Contact Information
53 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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