May Investor Book

TRANSFORMING THE FUTURE

Investor Update:

1

May 2026

A Premier Energy Company in

America's Heartland

$38.4 billion market cap*

4.8 million retail customers

$51.7 billion of assets

60% ownership of American Transmission Company

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

* As of Apr. 30, 2026

3

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.

Consistent Performance Over Time

Robust Long-Term EPS Growth Outlook

$5.22

2025 2026 2027 2028 2029 2030

1. Growth rate based on $5.22 per share, the midpoint of our 2025 adjusted guidance.

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 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.

    What's New?
    
    

    Wisconsin

    Very Large Customer (VLC) Tariff

    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 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

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

  Verbal approval received April 24, 2026; all terms subject to final PSCW written order

  Wisconsin Rate Reviews

  Typical Wisconsin Electric and Wisconsin Public Service residential customer bills are, and will continue to be, below the national average and in line with utilities in Wisconsin and across the Midwest.

  Order expected in Q4 2026 for new rates effective January 1, 2027 & 2028

  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 reliability and safety (grid hardening)

  Proposed Base Rate Increases

Wisconsin Electric

2027

2028

* Electric proposed increases excludes fuel

** Gas proposed increases excludes the impact of the costs directly assigned to natural gas

electric generation facilities 10

Wisconsin Rate Review Summary Illinois Proposed Settlement

Peoples Gas (PGL) and North Shore Gas (NSG) reached an agreement on the terms of a proposed settlement with the Illinois Attorney General, CUB, and ICC Staff. 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.

Powering Industry Leaders in Our Region

Wisconsin Segment

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

Strong Regional Growth

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 2,200 acres purchased to date

• Phase 1 operations commenced in April 2026

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

-Brad Smith, President of Microsoft

BizTimes Milwaukee

Strong Regional Growth

1.3 GW of Demand Forecasted through 2030

© Vantage Data Centers Port Washington data center rendering

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 in Port Washington

• 4,000+ construction jobs

• 1,000+ permanent jobs

• Site potential up to 3.5 GW over time

• Approximately 1,900 acres

2026-2030 Capital Plan Supports 7.0% to 8.0% Long-Term EPS Growth

Largest Five-Year Capital Plan in Company History

$37.5

$7.1

Electric Transmission (ATC)* Gas Distribution**

$20.3

Electric Distribution WI LNG Capacity Electric Generation

$ In billions

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.

$37.5 Billion Projected Capital Spend From 2026-2030

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.

19

Diverse Portfolio of Businesses

2025A Asset base

$34.2 billion

2030E Asset base

$59.6 billion

10%

By Business

10%

9%

2%

30%

49%

Electric generation and distribution

Natural gas distribution

LNG (distribution and generation) WECI

Electric transmission*

4%

5%

23%

58%

By Jurisdiction

9%

4%

14%

10%

63%

WI

IL MI/MN WECI

11.7% CAGR

3% 4%

10%

15%

10%

58%

non-VLC/bespoke

73%

Total WI

ATC*

VLC/bespoke

Based on average asset base.

*ATC is accounted for using the equity method; this represents WEC Energy Group's portion of the asset base. 20