Wec Energy Group, Inc. · NYSE:WEC

Wec Energy — Investor Presentation (November 2025)

49 slides from Wec Energy's investor presentation, Nov 7, 2025

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

   1 Energizing the Future Investor Update: November 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: A Premier Energy Company in America's Heartland

   3 A Premier Energy Company in America’s Heartland * As of Oct. 31, 2025 $36.3 billion market cap* 4.7 million retail customers $49.8 billion of assets 60% ownership of American Transmission Company Ranked first overall in the 2025 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 Performance Over Time

   5 21 consecutive years of exceeding or meeting top end of earnings guidance* Consistent Performance Over Time * On an adjusted basis

6. Slide 6: Robust Long-Term EPS Growth Outlook

   6 2025E 2026 2027 2028 2029 2030 $5.17 - $5.27 Robust Long-Term EPS Growth Outlook 1. Growth rate based on 2025 guidance midpoint of $5.22 per share. 2025 Guidance

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  Expect

8. Slide 8: Powering Industry Leaders in Our Region

   8 Powering Industry Leaders in Our Region

9. Slide 9: Longer-Term Sales and Load Growth Remain Strong

   9 Longer-Term Sales and Load Growth Remain Strong Wisconsin Segment Year-Over-Year 2028-2030 Electric 6.0%-7.0% Gas 0.7%-1.0% Sales Growth Forecast (weather-normalized) 2026-2030 expecting to add 3.4 GW (~40%) of electric demand

10. Slide 10: 2.1 GW of Demand Forecasted through 2030

    10 2.1 GW of Demand Forecasted through 2030 Robust demand along I-94 Milwaukee to Chicago corridor: Microsoft Data Center  Announced investment of $7+ billion  2,300 construction jobs  2,000 permanent jobs over time  More than 2,000 acres purchased to date  Expansion investment in progress  Op

11. Slide 11: 1.3 GW of Demand Forecasted through 2030

    11 Strong Regional Growth 1.3 GW of Demand Forecasted through 2030 Vantage Data Centers plans to develop a large campus that will be part of OpenAI and Oracle’s partnership for the Stargate expansion:  Four data center buildings planned on 670 acres with expected investment of $15+ billion in Port

12. Slide 12: Wisconsin Very Large Customer (VLC) Tariff

    12 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  Term

13. Slide 13: 2026-2030 Capital Plan Key Drivers

    13 2026-2030 Capital Plan Capital Plan — Key Drivers Identified $8.5 billion of additional investments compared to previous five-year plan:  Generation  Natural gas generation — $3.4 billion increase  Regulated renewables — $2.5 billion increase  Transmission — $900 million increase  Electric d

14. Slide 14: Increasing Five-Year Capital Plan by $8.5 Billion

    14 $13.2 $19.3 $1.4 $1.3 $4.5 $4.7 $5.3 $7.1 $3.2 $4.1 $0.4 $28.0 $36.5 2025-2029 2026-2030 WEC Infrastructure (WECI) Electric Transmission (ATC)* Gas Distribution** Electric Distribution WI LNG Capacity Electric Generation N e w p la n F o rm e r p la n *ATC is accounted for using the equity method

15. Slide 15: $36.5 Billion Projected Capital Spend From 2026-2030

    15 $36.5 Billion Projected Capital Spend From 2026-2030 Capital Plan Drives EPS Growth 2,286 2,581 4,311 4,412 3,983 3,948 155 178 82 112 326 623 966 972 946 973 805 1,025 949 1,287 1,611 1,469 1,336 1,378 513 657 802 886 896 901 406 $5,275 $5,675 $7,752 $7,852 $7,346 $7,875 - 1,000 2,000 3,000 4,00

16. Slide 16: Diverse Portfolio of Businesses

    16 Diverse Portfolio of Businesses 63% 16% 4% 7% 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 $58.5 billion2024A Asset base $30.8 billio

17. Slide 17: Investing $11.6 Billion in Regulated Renewables

    17 Solar Total 3,700 MW $7.6 billion Battery Storage Total 1,780 MW $2.2 billion Wind Total 555 MW $1.8 billion Grand Total 6,035 MW $11.6 billion Investing $11.6 Billion in Regulated Renewables 2026-2030 Capital Plan Dollars exclude capital spend outside of 2026-2030.

18. Slide 18: Investing $7.4B in Thermal Generation Fleet and LNG Capacity

    18 2026-2030 Capital Plan Investing $7.4B in Our Thermal Generation Fleet and LNG Capacity Proposed Oak Creek Combustion Turbine 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 Conversions and

19. Slide 19: Future Transmission Investment

    19 $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

20. Slide 20: Pipe Retirement Program (PRP)

    20 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

21. Slide 21: Projected Cash Flows and Financing Plan

    21 Projected Cash Flows and Financing Plan ($ in billions) Cash from Operations $20.5 - $21.5 Common Equity $4.8 - $5.2 Dividends $7.6 - $7.8 Capital Plan $32.3 Cash Uses Cash Sources Incremental Debt 2 $13.7 - $14.3 1. Excludes ATC’s capital. ATC is accounted for using the equity method. 2. Include

22. Slide 22: Credit Quality: Maintaining a Healthy Balance Sheet

    22 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

23. Slide 23: Coal Generation

    23 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 2026)  Weston Unit 3: 328 MW (expected end of 2031)  Enhancing fuel flexibility (gas blending) at Oak Creek Power the Future units and W

24. Slide 24: Tracking Carbon Reduction

    24 * 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, our long-term goal to achieve net carbon neutral electric

25. Slide 25: Key Takeaways for WEC Energy Group

    25 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%  100% of capital allocated to regulated businesses  Poised to deliver among the best risk-adjust

26. Slide 26: Appendix

    Appendix WEC Energy Group

27. Slide 27: Energy Infrastructure

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

28. Slide 28: Regulated Renewable Generation and Storage Projects: Solar

    28 Solar Projects Docket Anticipated Approval WEC Capacity (MW) WEC Investment ($M) Ownership Anticipated In-Service Koshkonong Solar Park 5-BS-258 Approved 270 621E WEPCO/ WPS 90%1 2026 High Noon Solar Park 5-BS-276 270 576E 2027 Ursa Solar Park 5-BS-280 Q4 2025 180 406E 2027 Saratoga Solar Park 13

29. Slide 29: Regulated Renewable Projects: Battery and Wind

    29 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 2026 Koshkonong Battery Park 5-BS-258 149 309E 2027 High Noon Battery Park 5-BS-276 149 307E 2027 Saratoga Battery Park

30. Slide 30: Thermal Generation and Other Projects

    30 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

31. Slide 31: Commitment to Stewardship and Governance

    31 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

32. Slide 32: Exiting Coal: Electricity Supply by Fuel Type

    32 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)

33. Slide 33: Clean Energy Pilot Projects

    33 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

34. Slide 34: WEC Infrastructure Portfolio

    34 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 ●

35. Slide 35: WEC Infrastructure Project Ownership and Offtake Agreements

    35 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

36. Slide 36: Capital Plan Projections

    36 Company 2025 2026 2027 Wisconsin Electric $2,775.5 $3,212.1 $4,670.5 Wisconsin Gas 213.9 257.5 296.3 Wisconsin Public Service 679.3 706.3 959.0 Upper Michigan Energy 146.3 47.1 26.7 Wisconsin Segment $3,815.0 $4,223.0 $5,952.5 Peoples Gas 289.1 512.7 680.7 North Shore Gas 34.5 53.9 57.7 Illinois

37. Slide 37: Composition of Asset Base

    37 Composition of Asset Base Total 2024 Average Asset Base of $30.8 Billion Note: We Power value represents investment book value for lease calculation purposes. 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 En

38. Slide 38: Power the Future Investments

    38 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

39. Slide 39: Port Washington Power the Future Lease Renewal

    39 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

40. Slide 40: National Leader in Operating Efficiency and Financial Discipline

    40 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

41. Slide 41: Financing Plans for 2025

    41 Financing Plans for 20251 $1,500 $1,045 $800 $200 - $300 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Holding Company Utilities & Energy Infrastructure Equity Issuances (i n m ill io n s ) Completed Financing Planned Financing Existing Facilities $2.7B net liquidity (as of Sept. 30, 2025) $

42. Slide 42: Projected Financing Plans for 2026

    42 Projected Financing Plans for 20261 $1,800 - $2,400 $2,600 - $3,100 $900 - $1,100 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Holding Company Utilities & Energy Infrastructure Equity Issuances (i n m ill io n s ) Planned Financing Existing Facilities $2.7B net liquidity (as of Sept. 30, 2025) $3.9

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 Very Large Customer Tariff (Docket: 6630-TE-113 filed 3/31/25) Q2 2026 Illinois (icc.illinois.gov)  Decision on 2017 QIP Reconciliation (Docket: 18-0620 filed 3/20/18) 2026 Regulatory Matters

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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