Wec Energy Group, Inc. · NYSE:WEC

Wec Energy — Q1 2025 Earnings Presentation

50 slides from Wec Energy's earnings presentation, May 6, 2025

1. Slide 1: Energizing the Future

   Energizing the Future Investor Update: May 2025 1

2. Slide 2: Cautionary Statement Regarding Forward-Looking Information

   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 things

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

   The Premier Energy Company in America’s Heartland $34.9 billion market cap* 4.7 million retail customers 60% ownership of American Transmission Company $48.2 billion of assets Ranked first overall in the 2024 E Source Large Business Customer Satisfaction Study * As of Apr. 30, 2025 3

4. Slide 4: History of Consistent, Strong Earnings and Dividend Growth

   Exceeded or achieved EPS guidance for multiple decades History of Consistent, Strong Earnings and Dividend Growth Earnings Per Share Annualized Dividends Per Share $6 ~6.7% CAGR* $4 ~6.9% CAGR $3.57** $5.17-$5.27 $5 $3 $4 $3 $2 $2 $1 $1 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25E '15* '16 '17 '18 '

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

   Consistent and Robust Long Term EPS Growth Outlook $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 2015 2020 2025E 2026 2027 2028 2029 GAAP 2015 Adjusted (3) 2025 Guidance (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 guidan

6. Slide 6: Consistent Performance Over Time

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

7. Slide 7: Strong Dividend Growth Continues

   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 * Annualize

8. Slide 8: What's New?

   What’s New? 8

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

   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  Terms:

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

    Wisconsin Very Large Customer (VLC) Tariff Meets the unique needs of very large customers while protecting other customers and shareholders “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 t

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

    Strong Regional Growth 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 datacenter in Mt. Pleasant, it’s still expected to go online in 2026, and our $3.3 billion commitment remains intact. We a

12. Slide 12: Incremental Data Center Demand

    Strong Regional Growth Incremental Data Center Demand* Cloverleaf Infrastructure announced plans to develop a large data center campus in Port Washington:  Initial announcement referenced 1 GW of load  Approximately 1,700 acres Cloverleaf site  Early stages of development Milwaukee *Not currently

13. Slide 13: Powering Industry Leaders in Our Region

    Powering Industry Leaders in Our Region 13

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

    Wisconsin Segment Longer-Term Sales and Load Growth Remain Strong* Sales Growth Forecast (weather-normalized) Year-Over-Year 2025-2029 2027-2029 expecting to add 1,800 MWs (~20%) Electric 4.5%-5.0% of electric demand Gas 0.7%-1.0% *Does not include incremental sales or load growth from Cloverleaf de

15. Slide 15: Pipeline Replacement Program (PRP)

    Illinois Pipeline 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.

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

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

17. Slide 17: Diverse Portfolio of Businesses

    Diverse Portfolio of Businesses By Business By Jurisdiction 10% 10% 2% 7% 7% 2024A 4% Asset base $30.8 billion 49% 63% 16% 32% 9.6% Electric generation and distribution CAGR Natural gas distribution WI IL MI/MN WECI LNG (distribution and generation) WECI ATC* Electric transmission* 10% 10% 5% 5% 202

18. Slide 18: Exiting Coal

    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 (late in 2025)  Columbia Units 1-2: 300 MW (end of 2029)

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

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

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

    2025-2029 Capital Plan Modernizing Our Gas-Fueled Generation Fleet Combustion Turbines Filed: Oak Creek * Additional planned  1,100 MW planned  675 MW planned  Expected investment:  Expected Investment: $1.2 billion $960 million Gas lateral Filed: Rochester Lateral*  To support generation at th

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

    Investing in Reliability for Our Natural Gas Network New proposed LNG storage facilities are needed to ensure gas supply for winter reliability.  Oak Creek LNG facility*  2 Bcf  Expected investment: $456 million Bluff Creek LNG  Plans underway for an additional 4 Bcf LNG provides a solution  Ex

22. Slide 22: Future Transmission Investment

    Future Transmission Investment WEC portion of ATC investment expected from 2025-2029: $3.2 billion Capital Drivers: Projected Capital Expenditures (millions)  Economic Growth $1,250 $1,250  Reliability / Asset Renewal $1,133  LRTP Tranche 1 in 2024 dollars: $908  ATC: $1.2 billion $812 $750 $750

23. Slide 23: Long-Range Transmission Planning Tranche 2.1

    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.  If right of first refusal is enacted

24. Slide 24: Projected Cash Flows and Financing Plan

    Projected Cash Flows and Financing Plan ($ in billions) 2025-2029 Common Equity $2.7 - $3.2 (9%) Incremental Debt 2 $9.5 - $10.0 (31%) 1 Capital Plan $24.8 Cash from Operations $18.5 - $19.5 (60%) Dividends $6.8 - $7.0 Cash Uses Cash Sources 1. Excludes ATC’s capital. ATC is accounted for using the

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

    Credit Quality – Maintaining a Healthy Balance Sheet FFO/Debt Metrics 2025-2029 Current Issuer Credit Ratings WEC Energy Group Target Entity S&P Rating Moody’s Rating S&P WEC Energy Group A- Baa1 >15% FFO to Debt Wisconsin Electric A- A2 Moody’s >16% Wisconsin Gas A A3 CFO Pre-WC/Debt Wisconsin Publ

26. Slide 26: Carbon Reduction Goals – Electric Generation

    Carbon Reduction Goals – Electric Generation Reduction goals: Achieved and anticipated CO2 reductions (net mass)* 0 60% below 2005 levels -20 by end of 2025 -40 80% below 2005 levels -60 by end of 2030 -56% Net carbon -80 neutral by 2050 -100 2005 2024 2025 2030 2050 We have established aggressive c

27. Slide 27: Methane Reduction

    Methane Reduction Achieved1 and anticipated methane emission reduction from natural gas distribution. Aligns with effort to limit warming to 1.5°C. 0% Goal: -23%4 -20% Net zero -40% by end of 20302 -60% Use of renewable -80% natural gas (RNG) is expected to contribute -100% to our goal.3 2011 2024 2

28. Slide 28: Key Takeaways for WEC Energy Group

    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 goals i

29. Slide 29: Appendix

    Appendix WA WEC Vz Energy Group

30. Slide 30: Electric Generation, Electric Distribution, Natural Gas Distribution

    Electric Generation Electric Distribution Natural Gas Distribution Energy Infrastructure Electric Transmission 60% ownership 30

31. Slide 31: Regulated Renewable Generation and Storage Projects

    Regulated Renewable Generation and Storage Projects Anticipated WEC Capacity WEC Investment Anticipated Solar Projects Docket Ownership Approval (MW) ($M) In-Service Darien Solar Park 5-BS-255 225 427E In-Service Koshkonong Solar Park 5-BS-258 Approved 270 621E 2026 High Noon Solar Park 5-BS-276 270

32. Slide 32: Regulated Renewable Generation and Storage Projects

    Regulated Renewable Generation and Storage Projects Anticipated WEC Capacity WEC Investment Anticipated Battery Projects Docket Ownership Approval (MW) ($M) In-Service Paris Battery Park 5-BS-254 99 223E 2025 Darien Battery Park 5-BS-255 68 140E 2026 Approved WEPCO/WPS Koshkonong Battery Park 5-BS-2

33. Slide 33: Commitment to Stewardship and Governance

    Commitment to Stewardship and Governance Responsible Appointed six new independent directors since 2020 — increasing depth Governance of utility experience of our board of directors Contributed by our companies and foundations to nonprofit $20+ million organizations in 2024 Spent with certified mino

34. Slide 34: Exiting Coal

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

35. Slide 35: Investing in Innovation

    Clean Energy Pilot Projects Investing in Innovation Organic Flow Battery Storage Columbia Energy Storage Project  Leading a pilot project to test a new  20 MW carbon dioxide based, long ‘green battery’ – a form of long-duration duration battery project being developed energy storage that incorpora

36. Slide 36: WEC Infrastructure Portfolio

    WEC Infrastructure Portfolio Total Project Capacity (MW) Investment (in millions) Wind ● Upstream 200 $307 ● Bishop Hill III 132 166 SD ● Coyote Ridge 97 145 ● Blooming Grove 250 389 ● Tatanka Ridge 155 240 NE OH ● Jayhawk 190 282 IL ● Thunderhead 300 381 KS ● Sapphire Sky 250 442 Solar ● Samson I 2

37. Slide 37: Infrastructure Investment Summary

    Infrastructure Investment Summary 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 82% ownership and Coyote Ridge

38. Slide 38: Utility Capital Plan Drives EPS Growth

    $27.6 Billion Projected Capital Spend From 2025-2029 Utility Capital Plan Drives EPS Growth $6,082 6,000 $5,515 680 $5,546 $5,218 $5,320 545 750 5,000 487 750 1,179 1,118 963 Electric Transmission (ATC)* 998 4,000 1,085 840 943 877 Gas Distribution** 940 3,000 529 925 243 299 345 Electric Distributi

39. Slide 39: Capital Plan Projections

    Capital Plan Projections ($ in millions) 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

40. Slide 40: Composition of Asset Base

    Composition of Asset Base Total 2024 Average Asset Base of $30.8 Billion 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 Gas 4.5 14.6 North Shore Gas 0.4 1.3 Minnesota Energy Reso

41. Slide 41: Power the Future Investments

    Power the Future Investments 1 Port Washington Oak Creek Expansion (Natural Gas) (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% Unit 1 – July 2005 Unit 1 – February 2010 In Service Dates Unit 2 – May 2008 Unit 2 – January 2011 Lea

42. Slide 42: National Leader in Operating Efficiency and Financial Discipline

    National Leader in Operating Efficiency and Financial Discipline 2023 Non-Fuel O&M per MWh* $92.90 $90 $80 $70 $60 $50 $42.70 $40 $29.47 $30 $25.40 $22.00 $24.00 $21.10 AVERAGE $20 $17.50 $18.40 $18.50 $12.20 WEC $10 $0 The top 10 vertically integrated electric utilities by 12/31/2023 market cap Sou

43. Slide 43: Projected Financing Plans for 2025

    Projected Financing Plans for 2025 1 YTD Financing Planned Financing $3,000 Existing Facilities4 $2.3B net liquidity $2,500 (as of April 30, 2025) $2,000 (in millions) $1,500 $3.1B $2,175 - $2,575 $1,000 $1,000 - $1,400 $500 $560 - $660 $125 $140 $0.2B $0 Holding Company 2 Utilities & Energy Infrast

44. Slide 44: Balanced and Diverse Sales Mix

    Balanced and Diverse Sales Mix 2024 Retail MWh Deliveries Mix* 33% Large C&I by Segment Paper/Packaging 25% Mining/Minerals 11% Foundry (SIC 33) 9% Small C&I Large C&I Other Manufacturing 8% 36% 33% Metal (SIC 34,35,37) 7% Medical 7% Food/Agriculture 6% Education 4% Residential and Farm Chemical 3%

45. Slide 45: Regulatory Matters

    Regulatory Matters Estimated Decision Date Wisconsin (apps.psc.wi.gov)  Decision on Paris RICE generation (Docket: 6630-CE-316 filed 4/5/24) Q3 2025  Decision on Oak Creek CT (Docket: 6630-CE-317 filed 4/5/24) Q3 2025  Decision on Oak Creek LNG (Docket: 6630-CG-140 filed 4/19/24) Q3 2025  Decisi

46. Slide 46: Regulatory Environment

    Regulatory Environment Wisconsin Illinois  Governor Tony Evers (D)  Governor J.B. Pritzker (D)  Term ends January 2027  Term ends January 2027  Commission  Commission  Gubernatorial appointment,  Gubernatorial appointment, Senate confirmation Senate confirmation  Chairman: Gubernatorial app

47. Slide 47: Rate-Making Parameters by Company

    Rate-Making Parameters by Company Utility Equity Layer1 Authorized ROE  Overall, constructive Wisconsin Electric 50.50%-55.50% 9.80% regulatory environments. Wisconsin Public Service 50.50%-55.50% 9.80%  Earnings sharing Wisconsin Gas 50.50%-55.50% 9.80% mechanism at all Peoples Gas 50.79% 9.38% W

48. Slide 48: Key Rate-Making Components

    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 +/- 2%

49. Slide 49: Reconciliation of EPS (GAAP) to Adjusted EPS (Non-GAAP)

    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

50. Slide 50: Contact Information

    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 50

WEC Energy Group — Q1 2025 Earnings Presentation on 6ix