March Investor Book

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Energizing the Future

A Premier Energy Company in America's Heartland

$37.2 billion market cap*

4.7 million retail customers

$51.5 billion of assets

60% ownership of American Transmission Company

Ranked first overall in the 2025 E Source Large Business Customer Satisfaction Study

* As of Feb. 20, 2026

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Exceeded or achieved EPS guidance for multiple decades

History of Consistent, Strong Earnings and Dividend Growth

Earnings Per Share

$6 ~6.7% CAGR1

$4

$5.51-$5.61

Annualized Dividends Per Share

~6.9% CAGR

$3.81

$5

$3

$4

$3

$2

$2

$1

'15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E

GAAP

Adjusted2 2026 Guidance

$1

'153 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E4

1. Estimated based on 2026 guidance midpoint of $5.56 per share.

2. See Appendix for reconciliation of adjusted amounts to GAAP amounts.

3. Annualized based on 4th quarter 2015 dividend of 45.75 cents per share.

4. Annualized based on 1st quarter 2026 dividend of 95.25 cents per share.

   22 consecutive years of exceeding or meeting top end of earnings guidance*

2025 2026 2027 2028 2029 2030

• 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 to grow dividend at a rate of 6.5-7%

  • Targeting payout ratio of 65-70% of earnings

*Annualized based on the first quarter of 2026 dividend of 95.25 cents per share.

** Reflects current and expected dividends declared in 2026.

Peoples Gas (PGL) and North Shore Gas (NSG) reached an agreement on the terms of a proposed settlement with the Illinois Attorney General. If approved by the Illinois Commerce Commission (ICC), it would resolve all issues related to 12 open dockets for a total of approximately $2.3 billion, excluding carry costs.

• Resolves Qualifying Infrastructure Plant Rider (QIP) annual reconciliation proceedings from 2017-2023 (PGL)

• Resolves Uncollectible Expense Adjustment Rider (UEA) annual reconciliation proceedings from 2019-2023 (PGL/NSG)

• Proposed settlement terms

  • $130 million rate base reduction, prospective with new rates in pending rate case (Rider QIP)

  • $75 million cash credit, payable over three years (Rider QIP)

  • $50 million cash credit, payable over three years (Rider UEA)

• Settlement subject to ICC approval

  • In January, Peoples Gas and North Shore Gas filed applications with the Illinois Commerce Commission:

    	Peoples Gas	North Shore Gas
    Current ROE	9.38%	9.38%
    Current Equity Ratio	50.79%	52.58%
    Proposed ROE	10.10%	10.10%
    Proposed Equity Ratio	54.0%	54.0%
    Forecasted 2027 Rate Base	$4,671M	$433M
    Proposed Base Rate Increase	$201.3M	$12.7M
    Order expected in Q4 2026 for new rates effective January 1, 2027

  • The estimated customer impact of our filing-if approved by state regulators-would be $10 to $11 per month for the typical Peoples Gas residential customer.

  • Chicago home heating bills are among the lowest of other major U.S. cities in the coldest month. That is expected to continue with this filing.

Powering Industry Leaders in Our Region

Based on Microsoft's new update in January 2026:

• Adding 500 MW of new customer demand, bringing forecasted demand in I-94 corridor to 2.6 GW through 2030

• Estimated $1 billion of incremental investment, bringing 5-year capital plan total to $37.5 billion

Longer-Term Sales and Load Growth Remain Strong

Sales Growth Forecast

(weather-normalized)

2026-2030

expecting to add

3.9 GW (~45%)

of electric demand

2.6 GW of Demand Forecasted through 2030

© Microsoft

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 2,000 acres purchased to date

• Phase 1 operations expected to commence in 2026

'Mount Pleasant AI data center will be among the world's most advanced'

-Brad Smith, President of Microsoft BizTimes Milwaukee

1.3 GW of Demand Forecasted through 2030

© Vantage Data Centers Port Washington data center rendering

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 Washington

• 4,000+ construction jobs

• 1,000+ permanent jobs

• Site potential up to 3.5 GW over time

• Approximately 1,900 acres

  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:

  • Wind and solar: 20 years

  • Depreciable life for natural gas and battery storage assets

• Fixed for entire term: Return on Equity range of 10.48% to 10.98% and Equity Ratio of 57%, as agreed upon with customers

• Revenues and costs recovered through tariff excluded from future rate case proceedings and earnings sharing mechanisms

  • Filed with the PSCW on March 31, 2025; all terms subject to PSCW approval

  • PSCW order required by May 1, 2026, for customers to take service on June 1, 2026

• Early termination: Customer pays for remaining net book value, to the extent it cannot be repurposed

Increasing Five-Year Capital Plan by $1 Billion

$37.5

$7.1

$4.1

$36.5

November 2025 plan

Updated plan

Electric Transmission (ATC)* Gas Distribution**

$20.3

Electric Distribution WI LNG Capacity Electric Generation

$19.3

$ In billions

2026-2030 2026-2030

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the investment.

** Includes all gas utilities and Bluewater.

Capital Plan Drives EPS Growth

10,000

9,000

8,000

$7,752 $7,852 $7,946 $8,275

901

7,000

6,000

5,000

4,000

3,000

2,000

1,000

$5,675

657

1,287

972

178

2,581

802

1,611

946

82

4,311

886

1,469

973

112

4,412

896

1,336

805

326

4,583

1,378

1,025

623

4,348

Electric Transmission (ATC)* Gas Distribution**

Electric Distribution WI LNG Capacity Electric Generation

-

2026 2027 2028 2029 2030

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 investment.

** Includes all gas utilities and Bluewater.

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Diverse Portfolio of Businesses

$34.2 billion

10%

10%

9%

4%

5%

2%

By Business

49%

Electric generation and distribution

Natural gas distribution

LNG (distribution and generation) WECI

Electric transmission*

23%

30%

58%

2025A Asset base

2030E Asset base

$59.6 billion

11.7% CAGR

10%

10%

3%

4%

By Jurisdiction

9%

4%

WI

IL

63%

14%

MI/MN

WECI ATC*

10%

58%

non-VLC/bespoke

15%

VLC/bespoke

73%

Total WI

Based on average asset base.

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the asset base.

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2026-2030 Capital Plan

Investing $12.6 Billion in Regulated Renewables

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

Dollars exclude capital spend outside of 2026-2030.

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