WEC Energy : First Quarter 2026 MGU

About this update from Wec Energy Group, Inc.

‌MICHIGAN GAS UTILITIES CORPORATION (An Indirect Wholly Owned Subsidiary of WEC Energy Group, Inc.) FINANCIAL STATEMENTS For the Quarter Ended March 31, 2026 ‌CONDENSED INCOME STATEMENTS (Unaudited) Three Months Ended March 31 (in millions) 2026 2025 Operating revenues $ 97.3 $ 84.8 Operating expenses Cost of natural gas sold 55.3 39.0 Other operation and maintenance 9.9 9.1 Depreciation and amortization 5.8 5.4 Property and revenue taxes 2.5 2.4 Total operating expenses 73.5 55.9 Operating income 23.8 28.9 Other income, net - 0.1 Interest expense 2.4 2.3 Other expense (2.4) (2.2) Income before income taxes 21.4 26.7 Income tax expense 5.0 6.2 Net income $ 16.4 $ 20.5 ‌CONDENSED BALANCE SHEETS (Unaudited) (in millions, except share amounts) March 31 2026 December 31 2025 Assets Current assets Cash and cash equivalents $ 0.1 $ - Accounts receivable and unbilled revenues, net of reserves of $2.0 and $2.8, respectively 47.3 48.7 Accounts receivable from related parties 0.7 1.2 Materials, supplies, and inventories: Natural gas in storage 8.1 14.6 Materials and supplies 2.3 2.3 Deferred property taxes 7.6 10.2 Prepayments 0.6 0.8 Amounts recoverable from customers 19.8 5.7 Other 1.1 1.8 Current assets 87.6 85.3 Long-term assets Property, plant, and equipment, net of accumulated depreciation and amortization of $224.4 and $221.6, respectively 530.1 528.1 Regulatory assets 26.7 27.4 Goodwill 34.5 34.5 Pension and OPEB assets 26.2 25.8 Other 6.7 6.5 Long-term assets 624.2 622.3 Total assets $ 711.8 $ 707.6 Liabilities and Equity Current liabilities Short-term debt to parent $ 55.1 $ 43.6 Accounts payable 8.8 25.9 Accounts payable to related parties 3.7 3.4 Accrued taxes 11.7 10.3 Customer credit balances 10.9 12.2 Other 8.1 6.3 Current liabilities 98.3 101.7 Long-term liabilities Long-term debt 189.1 189.0 Deferred income taxes 87.4 83.1 Regulatory liabilities 87.1 87.1 Environmental remediation liabilities 12.0 12.0 Other 3.2 3.3 Long-term liabilities 378.8 374.5 Commitments and contingencies Common shareholder's equity Common stock - without par value, 100 shares authorized; 100 shares issued and outstanding 181.7 181.7 Retained earnings 53.0 49.7 Common shareholder's equity 234.7 231.4 Total liabilities and equity $ 711.8 $ 707.6 ‌CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31 (in millions) 2026 2025 Operating activities Net income ...

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